Goldman Sachs Downgrades JinkoSolar (JKS) to Neutral, Citing Stretched Balance Sheet
Tweet
Share
E-mailGet Alerts JKS Hot Sheet
Price: $16.75 +2.82%
Rating Summary:
11 Buy, 9 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
11 Buy, 9 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Goldman Sachs downgraded JinkoSolar Holding Co., Ltd. (NYSE: JKS) from Buy to Neutral with a price target of $13, citing the company's stressed balance sheet.
The firm expects the company's cash flow from operations to be negative in 2011 and that its 2012 net debt to equity is the highest among coverage solar companies.
"In our view, due to the fast than-peer capacity expansion in an industry downcycle, JKS appear to have less liquidity to fund its capex and working capital, and we are concern on its ability to refinance in the current tight credit environment and with negative sentiment toward the solar industry due to macro headwind in Europe," the firm said.
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 $9.04 yesterday.
The firm expects the company's cash flow from operations to be negative in 2011 and that its 2012 net debt to equity is the highest among coverage solar companies.
"In our view, due to the fast than-peer capacity expansion in an industry downcycle, JKS appear to have less liquidity to fund its capex and working capital, and we are concern on its ability to refinance in the current tight credit environment and with negative sentiment toward the solar industry due to macro headwind in Europe," the firm said.
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 $9.04 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo Downgrades Roku Inc. (ROKU) to Equal Weight
- RBC Capital Downgrades CareTrust REIT (CTRE) to Sector Perform
- Citizens Downgrades SoundThinking (SSTI) to Market Perform
Create E-mail Alert Related Categories
Downgrades, Hot DowngradesRelated Entities
Goldman SachsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
