Auriga Upgrades JinkoSolar (JKS) to Buy

October 27, 2010 7:07 AM EDT
Get Alerts JKS Hot Sheet
Price: $15.82 -3.83%

Rating Summary:
    11 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Auriga upgrades JinkoSolar Holding Co., Ltd. (NYSE: JKS) from Hold to Buy and raises their price target form $32 to $37.

The firm stated, "Recall that we downgraded shares of JinkoSolar in early September as the stock had not only achieved our price, but we were also fearful of a dilutive equity transaction. Last night the company announced a follow-on offering of 2 million shares that is just less than 10% dilutive to current shareholders. Given the increased capital, management will be ramping capacity to 1 GW by the end of 2011, which increases shipments, revenue, and EPS substantially."

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