Trina Solar (TSL) initiated at Buy with $34 price target by Mark Bachman of Auriga USA

Auriga Initiates Coverage of Solar Stocks
April 13, 2010 Green Stocks Central

Solar analyst Mark Bachman of Auriga USA (formerly of Pacific Crest) initiated coverage of several solar stocks after the bell today. Hat tip to Street Insider for the following analyst comments:

Trina Solar (TSL) initiated at Buy with $34 price target (about 30% above current levels).
“We initiate coverage of Trina Solar with a Buy rating as the most under appreciated Chinese solar company we follow. While the stock is up better than the rest of the group since the 4Q08 lows, the stock still trades at just 11.4x our 2011 EPS of $2.29. Market concerns for the stock center on the modeled sequential gross margin decline after the big 4Q09 beat and the flat 1H/2H10 sales guidance given during the call. We believe there is additional upside in 2H10 should demand materialize stronger than current expectations, coupled with TSL responding with additional capacity expansion plans.” More TSL analysis here