Needham & Company Maintains a 'Hold' on JA Solar Holdings (JASO); 3Q11 Missed, as Expected, but Shipment Guidance Suggests a Sharper than Expected Industry Slowdown

Needham & Company maintains a 'Hold' on JA Solar Holdings Co., Ltd. (NASDAQ: JASO).

Needham analyst says, "JASO 3Q11 results missed Street’s estimates like most solar peers and the company provided lower shipment guidance. While the lower full year shipment target was largely expected, the magnitude of decline appears to be greater than many peers, highlighting the risk of JASO’s OEM-focused business. Since JASO supplies OEM modules and cells to other solar companies, we believe it could face sharper volume declines in a slow business environment as customers elect to work through inventories. We believe business will remain challenging in 2H11, and therefore, maintain our Hold rating."

Needham chops FY11 EPS estimate from $0.34 to (0.25) and FY12 from $0.32 to (0.10)

For an analyst ratings summary and ratings history on JA Solar Holdings Co., Ltd. click here. For more ratings news on JA Solar Holdings Co., Ltd. click here.

Shares of JA Solar Holdings Co., Ltd. closed at $1.60 yesterday.

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