Daqo New Energy price target lowered to $15 from $23 at Roth MKM

Roth MKM lowered the firm’s price target on Daqo New Energy to $15 from $23 and keeps a Neutral rating on the shares. The firm cites the company’s Q2 earnings miss and 2024 guidance cut as the management lowered its target production utilization rate, the analyst tells investors in a research note. Polysilicon prices are below cash costs and may not return to breakeven levels until mid-2025, the firm added.