Research Note: Trina Solar (TSL) Near term target price 55$

Last Updated: March 4, 2008 – 8:20am EST

NEW YORK—Ludlow Energy initiates research coverage on Trina Solar, Ltd. (NYSE: TSL), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, with a B+ rating, and target price of $55 a share.

SUMMARY

On March 4, 2008, the company reported strong fourth quarter earnings beating most estimates on the street. For the fourth quarter 2007 the company reported total revenues of $101.4 million, which reflected a 161% increase from the prior year. For the quarter the company shipped a total of 23.91 MW as compared to just 8.98 MW for the same quarter in 2006.

Gross margin were 27.2% in the fourth quarter of 2007, an increase from 23.3% in the fourth quarter of 2006. The sequential and year-over- year increases in gross margin were primarily due to higher module ASP and manufacturing benefits from increased vertical integration.

The Bank of America had recently downgraded TSL to a 'sell' from 'buy', with a lowered price target of $28 a share based on projections of lower margins, and thus may have provided for a valuation entry point in TSL for long term investors. One would have to ask how Bank of America's research department generated their investment and margin projection opinions.

Ludlow Energy is initiating research coverage on Trina Solar with a B+ rating, with a near-term price target of $55 per share.

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About Ludlow Energy Ventures, Inc.

Based in New York City, Ludlow Energy Ventures is a venture capital and research advisory firm with a specific focus on the renewable and alternative energy markets. The goal of the firm is to promote investments into alternative and renewable energy projects and ventures worldwide. Ludlow Energy Ventures owns and operates the Ludlow Energy Indices, which tracks a wide basket of US traded large and small cap alternative energy stocks. www.ludlowenergy.com
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