NEW YORK (
became the latest Street firm to initiate coverage of the three main Chinese solar module makers on Monday, initiating on
Yingli Green Energy
Nothing new here folks, in terms of the Citi bullish view of the vertically integrated Chinese solar module companies: Buy Trina. Citi upped the ante in terms of a price target on Trina, initiating at $30. Last week, Collins Stewart analyst Dan Ries upped his Trina price target to $29.
The more interesting call from Citi was on the negative side.
Citi reserved its harshest view for Suntech, initiating at a sell and a $7 price target. Suntech shares have already been beaten down to the $9-$10 level in the recent euro-triggered solar selloff and were losing 5% early on Monday after the Citi initiation. Suntech is already a dog on the Street due to its cost structure relative to Trina and Yingli, but the $7 price target would take Suntech to a 52-week low.
More on Suntech China Watch: The Scoop on Suntech
Citi rated Yingli a hold and gave the Chinese solar module maker a $15 price target. The $15 target represents 25% upside from Yingli's current $12 share price.
Yingli was down more than 2% early on Monday morning.
Trina was up more than 1% after the Citi buy call.
-- Written by Eric Rosenbaum from New York.
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