Daqo New Energy downgraded to Hold from Outperform at Daiwa

Daiwa downgraded Daqo New Energy to Hold from Outperform with a price target of $25, up from $18. Following an 86% share price increase from the year-to-date low seen late in August, the firm says it believes the recent share price increase was mainly driven by market expectations about China’s economic recovery, instead of fundamental changes, which “nonetheless boosted its valuation to a justified level.”