Auriga Starts Yingli Green Energy (YGE) at Sell

Auriga initiates coverage on Yingli Green Energy (NYSE: YGE) with a Sell. PT $3.00.

The firm comments, "Yingli Green is a crystalline silicon (c-Si) solar PV module manufacturer with a competitive cost, and a large scale vertically integrated operation based in China. However, with no reset in shipments guidance despite mixed performance, ~50% exposure to Germany amidst market weakness, recent stickiness in costs amidst ASP pressure, high and rising debt level (debt/capital ~57%) despite adequate cash, interest expense dragging on earnings, and the likelihood of losses in the near future highlight our concerns. Pending operational reorientation and a less debt-oriented capital structure, we rate the stock a Sell with a $3 price target."

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 $4.35 yesterday.

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