Deutsche Bank Downgrades Yingli Green Energy (YGE) to Hold; Greater Exposure in China Market May Start to Bear Fruit

Deutsche Bank downgraded Yingli Green Energy (NYSE: YGE) from Buy to Hold.

Deutsche analyst says, "We believe Yingli’s gross margin is likely to drop to c.22% in 2Q11E and c.20% in 3Q11E. Yingli has relatively greater exposure in China, with c.30% of its shipments to China in 2H11E that we believe would be sold at an ASP comparable to modules shipped to the overseas market. We expect the company’s manufacturing cost advantage would allow it to continue to capture more market share from its peers. Trading at 8x 2011E P/E, we see limited upside and downgrade the stock."

For more ratings news on Yingli Green Energy click here and for the rating history of Yingli Green Energy click here.

Shares of Yingli Green Energy closed at $7.26 yesterday.

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