Auriga Reiterates Buy Rating On JinkoSolar
Green Stocks Central
Auriga initiated coverage on recent solar IPO JinkoSolar (JKS) with a Buy rating more than two weeks ago. Since that time, the stock has seen very bullish trading action,breaking out above 11 with good volume and running quickly to $13 before pulling back. This morning Mark Bachman reiterates his Buy rating onthe company and the $23 price target.
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“We continue to profess that shares of Jinko Solar areunderpriced and that there is significant upside to our $23 pricetarget. In short, we believe our competitors’ estimates for 2010 and2011 have been haircut meaningfully, and that the underlyingprofitability in the JKS business model is masked by the Streetconsensus. Our recent checks suggest that demand remains strong and that Q2 shipments should be up modestly. In addition, we believe that withthe recent expansion in capacity, shipments will grow meaningfully inboth Q3 and Q4; our estimates are high-on-the-Street.”
Shares of JKS are trading up about 2% today.
Auriga Reiterates Buy Rating On JinkoSolar (JKS)
