Jefferies analyst Johnson Wan lowered the price target on JinkoSolar Holding Co., Ltd. (NYSE: JKS) to $62.01 (from $65.43) while maintaining a Buy rating.

The analyst comments "JKS reported 4Q24 adj. NL of US$52.2m with GPM narrowing to 3.6% (declined 12.1/8.8% QoQ/YoY), with >50% of module shipment mix to China where prices were lower in 4Q. Mgmt committed to continue its USD200mn+ SRP with $120m already at JKS US level, and will start the program after 1Q25 earnings release. Co also guided Capex will drop materially YoY in 2025 as JKS is not planning to add capacity other than TOPCon cell lines upgrade."