Roth Capital Cuts Price Target on Hanwha Q CELLS (HQCL) to $10 Following 3Q and Guidance
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Roth Capital maintained a Neutral rating on Hanwha Q CELLS (NASDAQ: HQCL), and cut the price target to $10.00 (from $13.00), following the company's 3Q earnings report. HQCL posted revenues of $708mn vs. estimates of $653mn on higher-than-expected shipments. Management reiterated 2016 total module shipment guidance of 4.8-5.0GW vs. prior estimates of 4.8GW. Q4 revenue guidance of $600-620mn was below prior estimates of $689mn.
Analyst Philip Shen commented, "HQCL delivered a Q3 beat and provided weak Q4 revenue guidance. We believe the weak revenue guide likely reflects a weak ASP outlook and would look for Q4 shipment volumes to be inline with our prior expectations with HQCL reiterating its 2016 shipment guidance. We see the acceleration in ASP declines pressuring margins in Q4 and into 2017. With a lack of visibility into earning power ahead, we maintain our Neutral rating. PT to $10."
Shares of Hanwha Q CELLS closed at $9.36 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRoth Capital, Earnings
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