Collins Stewart Cuts Price Target on JinkoSolar Holding (JKS), Shares are Still Way to Cheap

Collins Stewart is maintaining its Buy rating on shares of JinkoSolar Holding Co. (NYSE: JKS), but is reducing its price target by $4 to $24 ahead of its Q2 results.

The company is scheduled to release its Q2 earnings on August 16 ahead of the opening bell. The firm is forecasting that JKS will report its Q2 results with $306 million in revenue and EPS of $1.34 as gross margin is expected to be 23.8 percent.

Although gross margin is anticipated on being down 240 bps under its Q1 result, the firm believes that market will look at being a more stable result than of its peers.

Collins Stewart notes that recent European market checks indicate that prices have been stable following the share price declines in early July. Expectations for the month of September remain positive.

For full year 2011 and full year 2012, Collins Stewart is estimates EPS of $4.74 and $4.00 on $1.334 billion and $1.487 billion in revenues. Shares are only trading at roughly 4x its full year 2012 EPS estimate.

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 $15.23 yesterday.

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