From Reuters via Xe:
Credit Suisse raised China's Trina Solar Ltd and U.S.-based GT Solar International Inc to 'outperform' from 'neutral', citing higher product demand, and said it expects several Chinese solar companies to raise their 2010 outlook.Shares of Trina Solar rose as much as 10 percent to $24.34 in morning trade Friday on the New York Stock Exchange, before paring some gains to trade up at $23.97.
GT Solar's stock jumped 7 percent in the morning, before paring some gains to trade up 5 percent at $5.38 on Nasdaq.
The brokerage raised its global sell-in solar demand estimate for 2010 by 27 percent to 12.7 gigawatt.
'Although we have revised up German demand in third quarter, non-German demand is growing even faster, from over a half a dozen countries,' analyst S Kumar wrote in a note to clients.
Berlin is set to reduce from July the feed-in power tariffs that solar power generators have to be paid for their electricity, with proposed cuts of 16 percent for new roof-installed panels.
The analyst, who raised his price target on the Trina Solar stock to $29.00 from $18.50, sees Chinese solar companies as best positioned to capitalize on supply and demand trends.
CS, GS and Barclays did the offering.
Here's the company's press release announcing that the managers picked up the over-allotment option:
Trina Solar Closes Follow-On Public Offering of 9,085,000 American Depositary Shares
