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Earnings season is under way, and we are continuing to update price targets, buy/sell ratings, etc. for companies that we currently cover. Today, we have updated several companies. They include Jinko Solar (NYSE:JKS), Renesola (NYSE:SOL), Tim Horton's (NYSE:THI), Wendy's (NASDAQ:WEN) and Yingli Green (NYSE:YGE).

The chart below shows new ratings, price targets, and buy/sell ranges vs. old ones:

Click to enlarge

Unknown ObjectJKS – Maintain at Buy, Decrease PT From $31 to $10.50

Jinko Solar remains one of our favorite plays in solar, but this is an industry in dire straits. Pricing has been awful. The leading market in Europe is not doing well at all, and JKS is a small company with the inability to really play a prominent enough role in pricing. The company, however, is going to be profitable for the year, and we do see them maintaining growth YoY in 2012. We had to severely cut our PT from our prior target though as earnings and sales came in well under our expectations. We feel this is still a very undervalued company that has a great balance sheet and is a lot cleaner than a lot of its competitors. The company is one of the only solar companies with less than $500M of debt, and those debt loads are holding a lot of companies back right now.

SOL – Downgrade from Buy to Hold, Decrease PT From $8 to $3.50

Renesola has really fallen apart in this solar crisis. The company is looking very weak this year, and they are definitely no longer the Buy we thought they were. The company's latest quarter saw sales decrease by around 50% and earnings slashed. The company slashed guidance, which came in below company expectations. We may actually see worse numbers in 2012 for SOL than 2011. The year seems to be getting worse, and 2012 should continue the trend.

THI – Downgrade from Buy to Hold, Decrease PT From $61.50 to $58

Tim Hortons is a great play in the food sector. The company is from Canada and is growing its U.S. presence in a crowded but large market of breakfast foods and coffee. The company does lack economic moats, but they have a great dividend and low beta. The company did disappoint us slightly in the past quarter with their earnings that made us curb our expectations slightly. That curb gave us a slightly lower equity value. We also saw the company's cash drop some and that hurt them as well. This stock is a great holding to have in the portfolio, and we definitely see some nice upside in 2012.

WEN - Upgrade from Hold to Buy, Increase PT From $6.50 to $7

Wendy's has started to look more enticing since its departure with Arbys. The refocus on one line does take away some earnings and sales potential, but it definitely allows WEN to refocus on its own brand name. The company has definitely fine tuned its approach with a new barbell pricing approach with lots of high-end and low-end products and less in the middle. The company also seems to be working on a better identity, looking at new international markets, introducing new menu items, and pushing breakfast. We like the plans. The company seems to be working hard to move in the right direction, and it looks like a value play with some speculation for 2012.

YGE - Upgrade from Sell to Hold, Decrease PT From $4 to $3.50

Yingli Green is our worst rated solar company. They are awful at profitability, management, financial health and more. Yet, the company has become so cheap it's now around where we think it is worth. We do not recommend buying it. If you own it at around this price, it's a decent hold. We do not expect much upside. The company has too much debt and not enough growth.

Source: Updating Price Targets And Ratings For 5 Companies