"Trina is very inexpensive given these new earnings estimates," Bachman advised, "and it will be some time before investors realize the inherent profitability in the this new model."
Citigroup (C) also raised its price target on Trina Solar's ADRs by 20% to $36 per share, and reiterated its buy rating on the Chinese solar company's stock. Citi tapped Trina Solar as its "favorite" pick in the solar sector. Research firm Ardour Capital hiked its price target on Trina Solar by 23.1% to $32 per share, from $26, and reiterated its buy rating.
All were not bullish, however.
HSBC (HBC) issued a downgrade on Trina's stock to neutral from overweight.Trina said Tuesday it more than doubled quarterly profits and revenue in its second quarter on record shipment volume, and expects strengthening demand for photovoltaic products to extend into 2011. >> Trina Solar Forecasts Brighter Future ADRs of Trina fell 1.8% in afternoon trading Wednesday, to $23.27. Shares of First Solar lost 1.3%. Suntech Power Holdings (STP) and JinkoSolar Holding (JKS), both based in China, fell 0.5% and 1.5%, respectively. The PowerShares WilderHill Clean Energy (PBW), an exchange-traded fund that counts Trina and First Solar among its holdings, gained 0.4%. The Market Vectors Solar Energy (KWT) ETF lost 1.7%. --Written by Miriam Marcus Reimer in New York.
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