Buy SOLF - Photovoltaic Solar at a Discount; Pare UTA
Share offering has resulted in discount to peer multiple; SOLF could post EPS in the $1.50-$2.50 range in 2011 yet trades at only $9. SOLF has a reasonable level of vertical integration (less than TSL, more than JASO). I will sell all remaining JASO and some UTA to raise funds to buy SOLF. UTA has not reported yet and is over 12% of portfolio after recent runup; 10% or less may be more appropriate at this point.