In a report released on October 30, Brian K. Lee from Goldman Sachs maintained a Sell rating on JinkoSolar (JKS – Research Report), with a price target of $30.00.
Brian K. Lee has given his Sell rating to JinkoSolar due to a combination of factors. Despite JinkoSolar reporting strong 3Q23 results, the company expects a decline in ASPs/margins in 4Q, largely due to a higher mix of shipments to China. This is anticipated to affect the company’s performance in the near term, although improvement is expected in 2024 due to increased US and TopCon shipments. Furthermore, while utility scale projects continue to perform well across all regions, the distributed generation market is facing challenges, particularly in the US and EU.
Another key concern is the company’s guidance for a flat quarter-on-quarter shipment target of around 23GW in 4Q. Lastly, JinkoSolar is facing order delays due to falling upstream costs. While the company did not provide specific guidance, management expects ASPs and margins to trend downward in 4Q. This is primarily due to higher exposure to the Chinese market, which typically strengthens in 4Q. Therefore, based on these considerations, Brian K. Lee has rated JinkoSolar with a Sell.
K. Lee covers the Energy sector, focusing on stocks such as Sunnova Energy International, First Solar, and Maxeon Solar Technologies. According to TipRanks, K. Lee has an average return of 4.2% and a 45.05% success rate on recommended stocks.
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JinkoSolar (JKS) Company Description:
JinkoSolar Holding Co., Ltd. engages in the design, development, production and marketing of photovoltaic products, and solar system integration services. It focuses on vertically integrated solar power products manufacturing business from silicon ingots, wafers, and cells to solar modules. The company was founded by Xiande Li, Kangping Chen, and Xianhua Li on August 3, 2007 and is headquartered in Shangrao, China.
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