Piper Jaffray Places Dreaded Sell Rating on LDK
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Piper Jaffray downgrades LDK Solar (NYSE: LDK) from Neutral to Sell with a $34.50 price target, citing valuation and lack of clarity surrounding its poly supply (cost) and its polysilicon ramp.
Piper said gross margin will continue to fall given the higher price of scrap silicon.
Shares of LDK Solar are down 9% to $60 per share after reporting results after the close.
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