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Fly News Breaks for May 26, 2017
JKS
May 26, 2017 | 07:53 EDT
As previously reported, Morgan Stanley downgraded JinkoSolar two notches to Underweight from Overweight and lowered its price target to $16.40 from $19.40. Analyst Sheng Zhong expects Q1 earnings to decline over 50% below Street estimates mainly due to lower margins and ASPs, and slow cost reductions given high polysilicon prices and OEM fees. The analyst also notes increased new capacity coming online and believes a majority of manufacturers will have difficulty reaching breakeven in 2H 2017 and 2018.
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