Renewable Energy "outperform," target price raised

07/24/07 - Credit Suisse

NEW YORK, July 24 (newratings.com) - Analysts at Credit Suisse maintain their "outperform" rating on Renewable Energy Corp (R3Q), while raising their estimates for the company. The target price has been raised from NOK182 to NOK265.

In a research note published this morning, the analysts mention that the company is expected to post strong 2Q results, driven by robust end-demand for solar products and poly-silicon’s continued tight supply. The margin estimates for 2008 and 2009 have been raised to reflect the potential continued tight supply of poly-silicon, the analysts say. The EPS estimates for 2008 and 2009 have been raised from NOK5.54 to NOK5.73 and from NOK8.35 to NOK9.89, respectively.