Following Trina Solar’s (TSL) earnings results, at least two firms remain bullish on the stock – Auriga and Citi. HSBC wasn’t as impressed and downgraded the stock.
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Auriga reiterates its Buy rating and raised the price target from $36 to $41.
“Management did not disappoint investors with a strong beat and raise scenario on the Q2 conference. However, after raising estimates ahead of the call last … Read the rest
Trina Solar (TSL) beat earnings estimates this morning reporting a Q2 EPS of $0.52, 3 cents better than the analyst estimate of $0.49 on revenue of $370.8 million, vs the estimate of $336.8 million. While the numbers beat estimates, the sequential and quarter over quarter growth isn’t impressive. The EPS number is well below last quarter’s .87 and about flat over the year ago quarter EPS of .50 despite revenue more than doubling over that … Read the rest
Barclays upgraded ReneSola (SOL) from Equalweight to Overweight and increased the price target from $10 – $12.
“Although SOL has been our near-term top pick since Mar ’10, uncertainty with respect to 2011 demand and weak execution track record were some of the factors restraining us from having a more constructive longer term outlook on the shares. We now expect wafer market fundamentals to remain relatively robust in 2011.”
Trina Solar (TSL) has announced that its US subsidiary will supply MEMC Electronics (WFR) subsidiary SunEdison with 35MW of solar modules for the rest of this year to be used in projects in the US and Europe.
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“This collaboration once again demonstrates Trina Solar’s ability to partner with leading U.S. solar industry players to create effective PV solutions in the U.S. market,” said Mr. Sean … Read the rest
Citi has initiated coverage on a few more solar names, adding Trina Solar (TSL), Yingli Green Energy (YGE) and Suntech Power to its coverage. Hat tip to Street Insider for the analyst commentary.
TSL gets initiated with a Buy rating and price target of $30 which is about 50% higher from current levels. It’s down about 2% today and will face some resistance at the 200 day moving average. “We see solid execution, no need … Read the rest
Trina Solar (TSL) will be the supplier of solar modules for a 1.2MW solar system at the University of Queensland in Brisbane, Australia. The roof top systems will be developed by Ingenero and mounted across four buildings at the University. The local government is contributing AUD1.5 million to the project.
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“The Australian solar market has enormous potential and Trina Solar is pleased to be selected … Read the rest
I’ve always thought it was strange that the India green energy market isn’t much bigger. You just don’t hear about big renewable energy projects going down in India and that remains the case, but I still think this is a big potential market and one the big guys will be looking to get into in the coming years. India has ambitious plans for solar power and hopes to achieve 20GW of solar power within about … Read the rest
Auriga is out this morning with some notes on the solar industry after attending Intersolar in Munich, Germany. The firm believes industry fundamentals remain strong with robust European demand being driven by attractive rates of return on solar projects. They believe that as long as project returns are attractive, and both debt and equity financing remains available, demand for PV projects will continue to surprise versus the bearish outlook.
Here are more notes from the … Read the rest
Trina Solar (TSL) is popping this morning after it was announced it landed a solar supply deal with one of the largest US utilities, Southern California Edison, and has already begun shipping PV modules. Trina will ship 45MW in solar modules over the course of the next year to be used by SoCo Edison on commercial rooftops. SoCo Edison was authorized by the Cali Public Utilities Commission to cover up to 65 million sq feet … Read the rest
According to Reuters, demand for solar panels has risen so sharply that industry leader First Solar is unable to keep up. Although First Solar’s business slowed down in the 3rd quarter, it is expected to pick up in the fourth, despite German solar subsidy cuts that are expected to hit July 1.
Reuters quotes First Solar’s Stephan Hansen saying “In 2010 we will not be able to produce enough modules to meet demand.”
Suntech … Read the rest