Sector Snap: Chinese solar energy companies fall

NEW YORK—Shares solar cell maker Trina Solar Ltd. fell Tuesday, joining a decline among most other Chinese solar energy companies.

Goldman Sachs analyst Jason Channell, citing "cash flow concerns" in a client note, moved Trina shares to his "Conviction Sell" list from a "Neutral" rating, and slashed his price target to $23 from $38.

Shares of Trina fell $1.15, or 3.8 percent, to $29.49 in morning trading.

Some of Trina's problems afflict much of the Chinese solar sector, he said.

"We believe the industry faces growing concerns over free cash flow generation, due to rising (capital expenditure) requirements, raw material prepayments and a tougher equity funding environment," Channell wrote.

Elsewhere in the sector, Suntech Power Holdings Co. Ltd. fell $2.01, or 5.4 percent, to $35.45; Solarfun Power Holdings Co. Ltd. lost $1.18, or 6.7 percent, to $16.32 and Canadian Solar Inc. gave up $2.06, or 5.1 percent, to $38.13.

China Sunergy Co. Ltd. lost 52 cents, or 6.3 percent, to $7.75; and Yingli Green Energy Holding Co. Ltd. fell 88 cents, or 5.5 percent, to $15.04.