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<Research>BOCOMI Upgrades XINYI SOLAR (00968.HK) to Buy, Slightly Cuts TP to $4.04
Recommend 12 Positive 30 Negative 8 |
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BOCOMI commented in its report that although photovoltaic (PV) glass prices remained in a downtrend, the industry has achieved a supply-demand balance for PV glass after sharp production cuts. With continued production cuts and increased component production, it is expected that glass is likely to enter a destocking cycle, and a price rebound is anticipated. As a result, the broker upgraded XINYI SOLAR (00968.HK) to Buy, and slightly lowered the target price from $4.09 to $4.04. It also trimmed its 2024-2026 earnings forecasts for the company by 25%/ 35%/ 29%, due to the larger-than-expected drop in PV glass prices and the company's production falling short of expectations. AAStocks Financial News |
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