Needham & Company Maintains a 'Buy' on LDK Solar (LDK); Adjusting Estimates and PT to Reflect the Challenging Market Condition
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Price: $1.01 --0%
Rating Summary:
2 Buy, 2 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
Rating Summary:
2 Buy, 2 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
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Needham & Company maintains a 'Buy' on LDK Solar (NYSE: LDK), but slashes price target from $15 to $8.
Needham analyst says, "With the stock being down 53% YTD and now trading at a P/TBV of 0.52X, we see little value to sell the shares here. While LDK’s core wafer business is facing significant margin pressure in the near term, we believe its lower polysilicon costs will partially offset weaker prices. Additionally, LDK is growing its module business aggressively, as it increases market penetration in the U.S. We believe the polysilicon IPO could still happen, but could be delayed due to market condition...We lower our 2011 revenue/GAAP EPS estimates to $2.98B/$1.43 (from $3.05B/$2.11), and our 2012 estimates to $2.90B/ $0.40 (from $3.1B/$1.35)."
For more ratings news on LDK Solar click here and for the rating history of LDK Solar click here.
Shares of LDK Solar closed at $4.77 yesterday.
Needham analyst says, "With the stock being down 53% YTD and now trading at a P/TBV of 0.52X, we see little value to sell the shares here. While LDK’s core wafer business is facing significant margin pressure in the near term, we believe its lower polysilicon costs will partially offset weaker prices. Additionally, LDK is growing its module business aggressively, as it increases market penetration in the U.S. We believe the polysilicon IPO could still happen, but could be delayed due to market condition...We lower our 2011 revenue/GAAP EPS estimates to $2.98B/$1.43 (from $3.05B/$2.11), and our 2012 estimates to $2.90B/ $0.40 (from $3.1B/$1.35)."
For more ratings news on LDK Solar click here and for the rating history of LDK Solar click here.
Shares of LDK Solar closed at $4.77 yesterday.
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