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10 Highly Rated Energy Stocks

No. 9: Renesola

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Renesola (SOL), a stock selling at a deep discount, is a leading manufacturer of solar wafers and solar power products.

For the third quarter of 2010, the company reported record shipments, revenue and profits. Shipments during the quarter reached 324.9 megawatts (MW), up from 258.3MW in the previous quarter and 146.9MW in the third quarter of 2009. Meanwhile, net income surged 66.7% to $60.1 million from $36.1 million in the second quarter. In the year-earlier quarter, the company reported a $10.2 million loss.

The company expects to reduce its wafer processing cost to 18 cents per watt by the end of 2011, from the 25 cents per watt reported for the latest quarter. Analysts polled by Bloomberg estimate Renesola will report earnings per share of 72 cents for 2010 and $1.09 for 2011, a significant turnaround from the losses per share of 42 cents and 43 cents in 2008 and 2009, respectively.

Of the 12 analysts covering the stock, 10 recommend buying it and two recommend holding it.

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