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Piper Jaffray Reiterates Yingli Green Energy (YGE) Buy Rating
Last week, Lazard Capital and Collins Stewart upgraded and maintained their Buy ratings on Yingli Green Energy (YGE). Today, it’s Piper Jaffray’s turn. The firm reiterates its Buy rating on Yingli and is raising the price target from $13 to $17.
Comments from Piper according to StreetInsider.com:
“We believe Germany is the most import market for growth in 2009. YGE has 50-70% of its production contracted with leading German distributors and installers, greater than peers. We believe its panels are now priced low enough to win ground based projects in Germany. Unsolicited and solicited data points from leading German distributors and installers confirm that YGE quality is as good as panels from Europe, with a more compelling price point. We believe YGE’s 90MW contract with industry leader IDC proves this point. We note other Chinese suppliers were removed from IDCs and Phoenix’s vendor list…We believe higher efficiencies may be in the works for 2010.”
Yingli is surging again today, up nearly 9%.
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