Axiom Capital Research is going against the grain.  When just about everyone else is relatively bullish on solar (although see demand moderating a bit next year), Axiom isn’t so bullish.  The firm goes so far as to call Gintech (which doesn’t trade on a US exchange) a liar and doesn’t believe the company has sold out for the second half of the year like they indicated.  They cite the fact the company has lowered prices.  It’s a valid point.  If they are sold out, why are they lowering prices?  They believe this is an indication that supply is outstripping demand more than previous thought across the China solar sector.

====> Click Here For Your FREE JA Solar Daily Technical Analysis

This morning they rated JA Solar (JASO) at Sell with just a $5 price target which is about 30% lower than the current price.  Traders are ignoring the Sell rating however and JASO is actually trading up today and continues to look quite bullish on the daily chart.  I’d image if that had been a Sell rating from a larger firm, it would be a different story.  I suppose we won’t know the real story until earnings are reported in a couple months.