Piper Jaffray Revises Estimates on Yingli (YGE); Reiterates Buy

Analysts at Piper Jaffray, including Jesse Pichel, revised estimates on Yingli Green Energy Holding Company (NYSE: YGE) this morning while reiterating the stock at Buy. The firm also maintained its $15 price target on Yingli.

Following Yingli's mixed Q3 earnings, reported on Wednesday before the market opened, the firm believes Yingli holds a "superior market position in Germany..." and notes that it "guided MW sales and gross profit significantly better than Asian competitors..."

Citing a recent tour of Germany's solar outlets, Piper believes the country will remain as the strongest PV market and sees the country accounting for 60-70% of MW sales in Q4. Piper lowered its FY08 EPS estimates from $0.96 to $0.78 and raised its FY08 sales estimate from $1.08 billion to $1.1 billion. For FY09, Piper lowered its sales estimate on Yingli from $1.623 billion to $1.559 billion while raising its EPS estimate from $1.47 to $1.53.

With shares of Yingli trading around $4.34 in pre-market trading (up 0.9%), Piper Jaffray's $15 price target represents potential price appreciation of nearly 250% from current levels.

Yingli Green Energy Holding Company Limited and its subsidiaries engage in the design, development, marketing, manufacturing, installation, and sale of photovoltaic (PV) products.

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• DA Davidson Reiterates Neutral Rating on Timken (TKR)
• UBS Reiterates Buy Rating on HF Sinclair (DINO)