Collins Stewart Cuts Price Target and Estimates on JinkoSolar Holding (JKS), Recent Checks Indicate Weak Market Trends

Collins Stewart is maintaining its Buy rating on shares of JinkoSolar Holding Co., Ltd. (NYSE: JKS), but is lowering its price target from $38 to $34.50 following recent market trends.

The firm notes that recent checks in the market indicate that module prices are eroding quicker than what it previously anticipated. With weak demand in Italy, a mix of thoughts in German demand, and wafer prices declining to $0.65/w the firm remains extremely skeptic.

Recent market checks put module prices for late-June or July delivery in the $1.40-1.50/w range, and Collins believes price competition in the weeks ahead will be fierce.

The firm is lowering its Q2 EPS estimate from $1.60 to $1.23 and its FY11 estimates from $8.10 to $7.20. It is also cutting its FY12 estimate from $8.40 to $6.90. Collins is lowering its FY11 ASP forecast from $1.51/w to $1.47/w and its FY12 forecast to $1.30/w.

For more ratings news on JinkoSolar Holding Co., Ltd. click here and for the rating history of JinkoSolar Holding Co., Ltd. click here.

Shares of JinkoSolar Holding Co., Ltd. closed at $25.77 yesterday.

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