Analyst Actions: Jinko Solar Target Almost Halved, Estimates Lowered at Credit Suisse; Shares Spike 6%

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Credit Suisse analysts have lowered their earnings estimates for JinkoSolar Holding Co., Ltd. ( JKS ), while slashing their target price on the stock to $5.50 from $10 a share.

"JKS announced the lowest module cost in the industry at 54c/W including polysilicon with slight reductions expected this year. However a slower pace of cost reductions and the stabilization in polysilicon pricing supports FSLR's claim that standard c-Si cost reductions may not have significant opportunities for improvement in the near term.

"That said, there is still risk to FSLRs ability to lower cost through efficiency improvement. FSLR has set itself an admirably difficult bar of substantially increasing efficiency, at the same time substantially lowering cost, while still maintaining long term panel reliability, and in the process also substantially improving line throughput of its factory. FSLRs target for 2015 MW and revenues suggest the company is hoping for system ASPs of $1.80/watt in 2015."

The firm added that "We are revising our JKS 2013 EPS from ($1.08) to ($0.15) and 2014 from ($0.73) to $0.17 based on project wins and cost reduction progress. Our revised PT of $5.50 represents 0.77x tBV."

Shares of JKS are up 5.56% to $5.70, amid a 52-week range of $2 - $10.07.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: JKS

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