Investing in Chinese Solar - ReneSola Ltd

ReneSola (NYSE:SOL) was upgraded by Zacks Investment Research recently to "Outperform" with a $12 price target.  In December Goldman Sachs(NYSE:GS) also gave RenaSola a "Buy" rating with a $11 price target.  The analyst saw potential recovery in the solar market and Chinese Solar companies have competitive edge with low cost and government subsidies.  The company experienced rapid growth from 2005 to 2008 but stumbled the following year with 23% drop in revenue and $72 million net loss.  For the first three quarters in 2010 the company does see great improvement with revenue on track to double with record breaking profit of more than $100 million already.  The technical chart also shows bullish trend with 20 day moving average now on top over 200 day moving average. 


The company is expected to report the 2010 fourth quarter earning on March 1 and with strong earning expected we should see stock hitting the target price of $12 at minimum.