Daiwa analyst Dennis Ip downgraded Daqo New Energy to Hold from Outperform with a price target of $32, down from $45. The analyst says the “plunge” in polysilicon prices in Q3 is driving a downward correction in Daqo’s average selling price. The company reported a very low polysilicon average selling price for Q2 and the “weak” poly price dropped further in Q3, the analyst tells investors in a research note. The firm believes “less redundant” downstream capacity will be negative for overall poly demand over 2024 and 2024.
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