ReneSola Ltd. (NYSE:SOL) Undervalued Says Auriga

Auriga seems to think numerous companies in the solar sector are undervalued, such as ReneSola Ltd. (NYSE:SOL), which makes one wonder if some true believer is making the assertions, rather than solid analysis.

When so many companies are said to be undervalued by them, it's hard to believe the so many analysts are completely blind to the health of solar companies.

As far as ReneSola Ltd. goes, Auriga says, "Despite recent commentary suggesting spot poly prices are in free fall, we note that there has so far been no change to our flattish 4Q10 and 1Q11 expectations."

They added that ReneSola is trading far beneath their peers, and so they're raising their price target on the company .

Auriga put a full year 2012 EPS estimate on ReneSola of $3.47.

Auriga maintains their "Buy" rating on ReneSola, which closed Tuesday at $10.77, gaining $0.24, or 2.28 percent. Auriga increased their price target on them from $20 to $27.