Auriga Reiterates a 'Buy' on Daqo New Energy (DQ); Ticking Along Nicely

Auriga reiterates a 'Buy' on Daqo New Energy (NYSE: DQ), PT $22.

Auriga analyst says, "We reiterate our rating and target for shares of Daqo after a good Q1 report that leaves our 2012 model largely unchanged. Commentary about poly pricing supports our original view for prices in the remainder of 2011, but wafer price commentary -- which we feel is conservative -- could lead to concerns for upstream manufacturers while also helping downstream manufacturers cope with expected module price declines. Our 2011 estimates increase to $2.96 from $2.69 on better than expected 1H11 results and guidance. Our 2012 EPS estimate is unchanged at $2.20, and our target remains an unchanged $22 at 10x our 2012 EPS estimate."

For more ratings news on Daqo New Energy click here and for the rating history of Daqo New Energy click here.

Shares of Daqo New Energy closed at $13.38 yesterday.

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