In the last four trading sessions,shares of Chinese solar companies have seen a huge rally. The stocks have climbed by as much as 22% in these sessions. Citigroup analystsrecently came out with their opinion on the rally:
Analysts at Citigroup initiated coverage on TrinaSolar Limited (ADR) (NYSE: TSL) with Buy rating. Theprice target for Trina Solar has been set at $30. Trina Solar ADRs weredown in today’s trading. The ADRs touched an intra-day low of $20.43.They closed 2.79% lower at $20.52, with volume at 3.43 million. The ADRs have a 52-week range of $10.05-$31.18.
Meanwhile, Yingli Green Energy (ADR) (NYSE: YGE) sawits coverage initiated with Hold rating. The price target of YingliGreen Energy has been set at $15. Yingli Green Energy ADRs were down intoday’s trading. The ADRs touched an intra-day low of $11.62. The closed 4.35% lower at $11.86, with volume up from daily average of 3.82million to 5.27 million. The ADRs fell another 0.15% to $11.84 inafter-hours trading today. The ADRs have a 52-week range of$8.31-$19.11.
Citi also began coverage of Suntech PowerHoldings (ADR) (NYSE: STP) today. The coveragehas been initiated with a Sell rating. The price target for Suntech hasbeen set at $7. Suntech Power Holdings ADRs plummeted in today’strading. The ADRs touched an intra-day low of $10.35. They closed 7.04%lower at $10.57, still 50% above the target price set by Citi, on aboveaverage volume of 4.09 million The ADRs dropped further in after-hourstrading, declining another 0.19% to $10.55. The ADRs have a 52-weekrange of $8.43-$21.38.
On the whole, the Chinese Solar StocksIndex has outperformed the S&P 500 by a stunning 34% in the last one month.
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