Zacks Investment Research upgraded shares of Renesola Ltd.-ADR (SOL) from NEUTRAL to OUTPERFORM on April 26, 2013, with a target price of $2.00.
We are upgrading our long-term recommendation on ReneSola Ltd. to Outperform from Neutral based on its fourth quarter 2012 top-line results. Also, loss per American depositary share ("ADS") narrowed year over year in the reported quarter. With most of its solar peers in trouble due to oversupply of solar panels, Renesola seems to be in a better position with multiple contracts and agreements. Moreover, the company's geographically-diversified customer base, focus on improving operating efficiencies, generation of material cost savings and introduction of innovative products like the power conserving microinverter Replus are positive factors working for ReneSola.
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