Trina adds to post-earnings gains following Cowen upgrade

|About: Trina Solar Limited (TSL)|By:, SA News Editor

Cowen has lifted Trina (TSL +7.5%) to Outperform in the wake of yesterday morning's Q2 beat and full-year guidance hike. Its PT is now at $10.

Maxim and Ardour Capital upgraded Trina yesterday.

Trina mentioned on its Q2 CC it has redeemed all outstanding convertible debt in Q3 ($57M was remaining at the end of Q2). Total debt at the end of Q2 amounted to $1.12B, and cash/equivalents totaled $619M.

The company's total manufacturing cost/watt fell at a "high single-digit" rate in Q2. However, Trina added its polysilicon costs are expected stabilize or rise slightly in Q3.