UPDATE: Auriga Raises Suntech Power's PT

According to a research report released earlier today, Auriga has increased Suntech Power Holdings Co.'s (NYSE: STP) PT from $3.00 to $3.50.

In the report, Auriga explained, “While Suntech Power's shipments improved its working capital position and lowered the possibility of inventory write-offs, its asset write-off were substantial as noted above. We believe most of the asset write-offs are done but would not be surprised if some residual write-offs show up over time. Netting out the write-offs, valuation on TBV basis tracks to $3.50 compared to $3 earlier.”

Auriga maintains its Hold rating on Suntech Power, which closed yesterday at $3.69.