JinkoSolar downgraded to Neutral from Buy at Roth MKM

Roth MKM downgraded JinkoSolar to Neutral from Buy with a price target of $25, down from $50. The analyst states that the firm’s rating change is pending the company improving its profitability profile, adding that while the the industry is struggling through an oversupply situation, JinkoSolar is in a strong position to consolidate share with its leading TOPCon/cost structure. The firm adds that the company’s most recent Q4 results beat consensus by 8% on revenue mainly due to the company shipping 26GW that exceeded its shipment guide by 3GW, but its margins missed by 450bps due to lower-than-expected average selling prices.