Needham & Company Maintains a 'Hold' on LDK Solar (LDK); Balance Sheet Risks Highlighted By Delayed Q4
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Price: $1.65 -0.6%
Rating Summary:
2 Buy, 3 Hold, 11 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
2 Buy, 3 Hold, 11 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade LDK Now!
Needham & Company maintains a 'Hold' on LDK Solar (NYSE: LDK).
Analyst, Y. Edwin Mok, said, "LDK announced it will delay 4Q11 reporting day from April 12 to April 30, as management needs additional time to complete analysis of several charges, including long-lived assets impairment, inventory write-downs and provisions for certain receivables. Besides inventory charges due to falling prices, we believe the recent bankruptcy of European customers, such as Q-Cells [N/R] may have prompted the company to take additional provisions for receivables. We continue to recommend investors avoid LDK due to the highly leveraged balance sheet, especially since the write-downs would effectively increase LDK’s debt ratios."
Mok cuts FY11 loss from (1.38) to (1.57) and FY12 from (2.84) to (2.85)
For an analyst ratings summary and ratings history on LDK Solar click here. For more ratings news on LDK Solar click here.
Shares of LDK Solar closed at $3.23 yesterday, with a 52 week range of $2.55-$11.77.
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Analyst, Y. Edwin Mok, said, "LDK announced it will delay 4Q11 reporting day from April 12 to April 30, as management needs additional time to complete analysis of several charges, including long-lived assets impairment, inventory write-downs and provisions for certain receivables. Besides inventory charges due to falling prices, we believe the recent bankruptcy of European customers, such as Q-Cells [N/R] may have prompted the company to take additional provisions for receivables. We continue to recommend investors avoid LDK due to the highly leveraged balance sheet, especially since the write-downs would effectively increase LDK’s debt ratios."
Mok cuts FY11 loss from (1.38) to (1.57) and FY12 from (2.84) to (2.85)
For an analyst ratings summary and ratings history on LDK Solar click here. For more ratings news on LDK Solar click here.
Shares of LDK Solar closed at $3.23 yesterday, with a 52 week range of $2.55-$11.77.
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