Broadpoint.AmTech Downgraded Yingli Green Energy (YGE) to Neutral

Broadpoint.AmTech downgraded Yingli Green Energy (NYSE: YGE) from Buy to Neutral, saying with the catalyst of a beat and raise peer earnings season behind us and an ensuing poly ramp skewing the risk/reward more negative into year-end. The firm has as $15 price target.

On the poly ramp, analyst John Hardy commented, "YGE is getting ready to turn on significant capacity in a new arena with its polysilicon manufacturing ramp. With commercial production expected to begin in 4Q09, we believe this will likely become an even bigger focus for investors. With early cost targets in-line with current spot poly pricing at $60/kg, we see the risk/reward to margins during the early stages of the ramp as unfavorable."

Hardy also said the YGE's balance sheet remains an "eyesore." YGE currently has $389M in cash versus $820M in short-term/long-term debt.

Real-Time Market Moving News Two-Weeks FREE http://www.streetinsider.com/premium_content.php

You May Also Be Interested In

• UPDATE: UBS Downgrades Wisconsin Energy (WEC) to Neutral; Taking Some Off The Table
• Barclays Cuts Estimates and Price Target on ADP (ADP); Mixed Data From Investor Day
• Canaccord Genuity Maintains a 'Hold' on Tiffany & Co. (TIF); Cutting PT and Estimates

Create E-mail Alert Related Categories

Downgrades

Related Entities

American Technology Research

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?

Follow StreetInsider.com On Twitter