Trina Solar (TSL) gets an Outperform rating and valuation range of $31 – $35. “Trina’s industry-leading cost structure and growing brand recognition are big competitive advantages relative to peers, allowing the company to gain share in good markets and bad. We believe valuation is reasonable at 12x/11x 2010E/2011E EPS, the balance sheet is in good shape, and margins will continue to outshine peers. Whether you’re a solar bull or bear, Trina is a core holding, in our view.”
May 5, 2010
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