Hapoalim Securities is out maintaining its Sell rating on Yingli Green Energy (YGE) following the earnings report.

“Based on our initial take on YGE’s 2Q10 earnings release, it reported an impressive quarter that surpassed our and Street estimates across the board. Both revenue and GMs exceeded our above-consensus forecast, while lower than-expected opex and interest income offset higher-than-anticipated FX losses to drive EPS of $0.21 ahead of our $0.15 estimate and the Street at $0.19. Though YGE did not follow the path of many of its peers in raising full year shipment guidance, we are not surprised as it had already assumed relatively aggressive shipment growth in 2H10 vs. 1H10.”

The firm expects YGE to revisit the lows of the correction around  the 8.31 level. 

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