Goldman Sachs analyst Brian Lee raised the price target on JinkoSolar Holding Co., Ltd. (NYSE: JKS) to $20.00 (from $18.00) while maintaining a Sell rating.

The analyst comments "JKS reported better than expected 3Q24 results with revenues above GSe/consensus, as gross margins picked up qoq due to geographic mix as sales and ASPs benefited from higher US volumes. While this was a positive, management expects the trend to reverse in 4Q24 as seasonality and political risk may weigh US shipment volumes. While JKS noted ex-US pricing is starting to show signs of stabilization, we continue to wait to see the effects of reduced capacity expansions in China as well as the pace and volume of consolidation within the region to get a better understanding of module over supply which will influence ASPs going forward. Furthermore, management reduced FY2024 module shipment guidance by (~10%) at the mid point to 90GW-100GW (vs. 100GW-110GW prior). We remain Sell rated and provide our full takeaways from the quarter here."