Cowen’s Rob Stone Maintains Outperform Rating on Trina Solar (NYSE:TSL)
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/8QjkKAYT5Ic/Posted on Tuesday, June 2nd, 2009 | In Market Commentary, Small & Micro Cap
June 1, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on Trina Solarrsquo;s Q1 results maintaining an Outperform rating seeing ldquo;50%+ upside vs. market in 12 monthsrdquo;.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Noted that the loss of $0.42 per ADS was larger than expected on one-time items, ASP declined by 25% Q/Q to about $2.66/Watt but the cost per watt also declined (by more than 30%) which lifted gross margins to 17.2% (above his expectations of 16%)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raised Q2 estimates based on higher GMs of 18%, which are buoyed by lower poly prices
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Reduced 2009/10E revenue by 4% and 8% on lower ASPs, but lifted E/ADS to $1.30 and $2.85
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Started 2011/12 at $3.35 and $4.00 on sales of $1.065 billion and $1.365 billion
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintained Outperform rating
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