Yingli Green Energy (YGE) Sinks on CFRA Note, Piper Jaffray Defends The Stock
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Shares of Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) are under heavy pressure today following a report from CFRA, suggesting that a large increase in YGE DSO from high 50s to low 90s indicates the company is offering easy credit to customers suggesting that revenue is of poor quality. CFRA also notes that related party Inceisa is responsible for a large increase in revenue.
Piper Jaffray analyst Jesse W. Pichel has come out in defense of the stock, saying the increase in YGE DSO is simply a shift away from Conergy to big customers in Spain like Acciona. Pichel said, based on meetings with management, YGE DSO will normalize to 60-65 over next two quarters.
Pichel is reiterating his Buy rating and $65 price target on Yingli Green Energy.
Yingli Green Energy is down 14% today.
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