Daqo New Energy price target lowered to $38.70 from $42.80 at HSBC

HSBC lowered the firm’s price target on Daqo New Energy to $38.70 from $42.80 and keeps a Hold rating on the shares. The company’s Q2 earnings were substantially lower than expectations due to weaker than expected selling prices, the analyst tells investors in a research note. The firm says the polysilicon price outlook will “remain dim.”