Barclays (NYSE:BCS) Maintains "Overweight" on ReneSola (NYSE:SOL)

Barclays (NYSE:BCS) reiterated its "Overweight" on ReneSola Ltd (NYSE: SOL), with a price target of $12 a share.

"Wafer market tightness could continue to drive near-term positive earnings momentum and share price outperformance, in our view. Shares are trading at - 6x our '11 estimates, at a discount to Chinese solar peers. Bull case '11 earnings power of $2.50 likely assuming shipments/pricing trends turn out to be in line with mgmt expectations. Downside risk limited to $9, upside potential to $12-$14 likely, in our view," said Barclays' analyst.

ReneSola closed at $10.87 Monday, gaining $0.59, or 5.79 percent. They have a market cap of $938.66 million.