Jefferies Downgrades JA Solar Holdings Co., Ltd. (JASO) to Underperform

Jefferies downgraded JA Solar Holdings Co., Ltd. (NASDAQ: JASO) from Hold to Underperform with a price target of $2.00, citing its deteriorating customer base in\ China.

The firm comments, "JASO's customer base includes Tier 3 Chinese module makers and branded international module suppliers who are severely impacted by macro weakness and rapidly declining module ASPs. We lower 2012 GM forecast to 10.9% from 12.8% versus consensus of 10.2%. We decrease our 2012 EPS estimate by 44% to $0.30 from $0.54. We revise down our 2012 revenue expectation to $1.92B from $2.15B."

For more ratings news on JA Solar Holdings Co., Ltd. click here and for the rating history of JA Solar Holdings Co., Ltd. click here.

Shares of JA Solar Holdings Co., Ltd. closed at $2.69 yesterday.

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