Wedbush Raises Price Target On Trina Solar (TSL) to $34

August 24, 2010 12:45 PM EDT

Wedbush raised its price target on Trina Solar (NYSE: TSL) significantly from $24 to $34, following Q2 results, while reiterating their Outperform rating.

The firm is positive on shares given the company’s low cost structure and competitive position. The firm commented, "We expect Trina Solar to perform better than its peers within our solar technology coverage universe in 2010 and 2011 as the company’s cost leadership position and customer diversification allow it to navigate potential oversupply conditions in 2011."

The firm raised revenue/GAAP EPS estimates to $1.529 billion/$2.85 from $1.276
billion/$2.04 in 2010 and to $1.772 billion/$3.43 from $1.426 billion/$2.25 in 2011.

The new price target represents 42 percent upside from the current price of $23.94 (+6.8%).