Zacks Lowers ReneSola to Neutral (SOL)
ReneSola (NYSE:SOL) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report issued on Thursday. They currently have a $3.00 price target on the stock. Zacks‘s target price would suggest a potential upside of 9.89% from the company’s current price.
Zacks’ analyst wrote, “We are downgrading our recommendation on ReneSola Ltd. to Neutral from Outperform, primarily due to harsh solar trade tariffs, volatile raw material prices and foreign currency risk. Punishing tariffs imposed by the U.S. and other countries on Chinese solar products will likely negatively impact the performance of ReneSola. However, we are impressed by the company’s efforts to expand into Europe, Asia, Africa and the Middle East while retaining its foothold in the U.S. These initiatives will help ReneSola get more contracts and boost its future cash inflow. In second-quarter 2014, the company’s earnings reversed the loss incurred in the prior year quarter and easily surpassed the Zacks Consensus Estimate of a loss. A decrease in operating expenses primarily led to the favorable quarterly performance.”
SOL has been the subject of a number of other recent research reports. Analysts at Credit Suisse initiated coverage on shares of ReneSola in a research note on Friday, June 20th. They set an “underperform” rating on the stock. Analysts at Roth Capital downgraded shares of ReneSola from a “buy” rating to a “neutral” rating in a research note on Friday, May 30th.
Shares of ReneSola (NYSE:SOL) traded down 1.47% on Thursday, hitting $2.69. 707,287 shares of the company’s stock traded hands. ReneSola has a one year low of $2.18 and a one year high of $6.00. The stock’s 50-day moving average is $2.57 and its 200-day moving average is $2.97. The company’s market cap is $273.5 million.
ReneSola (NYSE:SOL) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.01 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.10) by $0.11. The company had revenue of $387.10 million for the quarter, compared to the consensus estimate of $401.43 million. Analysts expect that ReneSola will post $-0.02 EPS for the current fiscal year.
ReneSola Ltd. (NYSE:SOL) is a manufacturer of solar wafers and producer of solar power products based in China.
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