Roth Capital Cuts Renesola Price Target On The Back Of Disappointing 3Q14 Results
In a research report released Friday, Roth Capital analyst Philip Shen maintained a Neutral rating on shares of Renesola (NYSE:SOL) and reduced his price target to $2.00 (from $2.75), which represents a slight upside potential from current levels.
Shen commented: “SOL posted a Q3 miss and weak Q4 guide. FX is expected to be a headwind in Q4, pressuring margins. In our opinion, the company is in a bit of transition as it ramps up its projects business (build and transfer model). All in, we remain Neutral on SOL until the company can demonstrate greater earnings power from its asset light, DG strategy.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Philip Shen has a total average return of -3.9% and a 34.2% success rate. Shen has a -35.2% average return when recommending SOL, and is ranked #3160 out of 3388 analysts.