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UPDATE - Auriga Downgraded JinkoSolar Holding (JKS) to Sell; Stepping Back After Recent Run-Up

February 14, 2012 10:42 AM EST Send to a Friend
Get Alerts JKS Hot Sheet
Price: $25.98 -5.49%

Rating Summary:
    9 Buy, 7 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 12 | New: 33
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UPDATE - Auriga downgraded JinkoSolar Holding (NYSE: JKS) from Hold to Sell, maintains price target of $7.00.

Auriga analyst said, "With Jinko Solar stock's year-to-date price appreciation at 80%, we are taking a step back by cutting its rating to a Sell, while leaving the $7 PT intact. Jinko Solar is relatively well placed on fundamentals, but a better grasp of its ASP/cost dynamic is needed (see industry note). Solar PV stocks currently are trading on survival economics (on x TBV, NOT earnings) and earnings are not likely until 4Q12 given that costs have yet to catch up with sharp ASP declines seen in 2011. We expect ASP declines to be less onerous in 2012. Industry profit dynamic will be no different on Jinko Solar, but its cost structure guidance at $0.75/Wp to $0.80/Wp by 2H12 (similar to Trina Solar (NYSE: TSL)) sustains its cost leadership, and makes it a leading beneficiary in a cost catch up and/or a price stabilization scenario."

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