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Auriga Reiterates a 'Buy' on JinkoSolar Holding (JKS); Sobriety Prevails

May 4, 2011 1:34 PM EDT
Get Alerts JKS Hot Sheet
Price: $26.46 +0.34%

Rating Summary:
    11 Buy, 9 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 14 | New: 22
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Auriga reiterates a 'Buy' on JinkoSolar Holding (NYSE: JKS), PT $43.

Auriga analyst says, "We reiterate our rating and target for shares of Jinko Solar (JKS) after a good 1Q11 report and in-line sales guide for 2Q11 -- arguably much better than expected given industry shipment issues surrounding Italy. With 2011 cost programs still intact despite select rising input prices and module ASP declines still in-line with our model, our estimates increase for both 2011 and 2012. Our $43 target is 7x our increased 2012 EPS estimate of $6.35."

"Industry commentary more sober. In the past week, industry commentary suggested module prices would flash crash in 4Q11 to US$1.10/w. Our skepticism about this price level -- we estimate there is only ~2.5gw of supply capable of profitably producing modules at that level in 4Q11, less than half of what is required to ship -- was echoed by JKS management. We leave our module price estimate for the remainder of 2011 unchanged."

For more ratings news on JinkoSolar Holding click here and for the rating history of JinkoSolar Holding click here.

Shares of JinkoSolar Holding closed at $25.98 yesterday.


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