Daqo New Energy price target lowered to $34.05 from $38.40 at Jefferies

Jefferies lowered the firm’s price target on Daqo New Energy to $34.05 from $38.40 and keeps a Buy rating on the shares after the company reported a Q2 net loss of (120M) that missing market estimates mainly due to a $108M impairment. Daqo also cut FY24 production volume guidance to 210-220kt from 280-300kt to preserve cash as the market price is below cash cost now, the analyst noted.