Piper Jaffray Reiterates Buy on ReneSola (SOL)

According to Street Insider, Piper Jaffray reiterated their Buy rating on ReneSola (SOL) and revised the price target from 40 to 35 but raised their Q2 EPS from .33 to .37 and FY08 from 1.37 to 1.50 and FY09 from 2.20 to 2.42

Piper said "Based on recent meetings/discussions with the company management, we believe that we should see upside to our prior and consensus Q2 estimates on modestly higher ASPs, continued yield improvements, and capacity expansion slightly ahead of plans. Although dilution did occur from follow-on offering (6/18/08), we believe most of the recent sell-off is on macro issues (not fundamental to stock) such as Spain uncertainty and a broader China stock index decline."

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