Citi’s Take on Chinese Solar Stocks
In the last four trading sessions, shares of Chinese solar companies have seen a huge rally. The stocks have climbed by as much as 22% in these sessions. Citigroup analysts recently came out with their opinion on the rally:
Analysts at Citigroup initiated coverage on Trina Solar Limited (ADR) (NYSE: TSL) with Buy rating. The price target for Trina Solar has been set at $30. Trina Solar ADRs were down in today’s trading. The ADRs touched an intra-day low of $20.43. They closed 2.79% lower at $20.52, with volume at 3.43 million. The ADRs have a 52-week range of $10.05-$31.18.
Meanwhile, Yingli Green Energy (ADR) (NYSE: YGE) saw its coverage initiated with Hold rating. The price target of Yingli Green Energy has been set at $15. Yingli Green Energy ADRs were down in today’s trading. The ADRs touched an intra-day low of $11.62. The closed 4.35% lower at $11.86, with volume up from daily average of 3.82 million to 5.27 million. The ADRs fell another 0.15% to $11.84 in after-hours trading today. The ADRs have a 52-week range of $8.31-$19.11.
Citi also began coverage of Suntech Power Holdings (ADR) (NYSE: STP) today. The coverage has been initiated with a Sell rating. The price target for Suntech has been set at $7. Suntech Power Holdings ADRs plummeted in today’s trading. The ADRs touched an intra-day low of $10.35. They closed 7.04% lower at $10.57, still 50% above the target price set by Citi, on above average volume of 4.09 million The ADRs dropped further in after-hours trading, declining another 0.19% to $10.55. The ADRs have a 52-week range of $8.43-$21.38.
On the whole, the Chinese Solar Stocks Index has outperformed the S&P 500 by a stunning 34% in the last one month.
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BeaconEquity.com is committed to producing the highest-quality insight and analysis of small-cap stocks, emerging technology stocks, hot penny stocks and helping investors make informed decisions. Our focus is primarily OTC stocks in the stock market today, which have traditionally been shunned by Wall Street. We have particular expertise with renewable energy stocks, biotech stocks, oil stocks, green energy stocks and internet stocks. There are many hot penny stock opportunities present in the OTC market everyday and we seek to exploit these hot stock gains for our members before the average daytrader is aware of them.
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