LDK, Trina Solar Tumble as Piper Jaffray Reduces Recommendations
Stock Chart for LDK Solar Co Ltd (LDK)
LDK Solar Co. (LDK) and Trina Solar Ltd. slumped in New York after Piper Jaffray & Co. cut its recommendation on the shares of the Chinese solar companies.
LDK, the world’s second-largest maker of wafers, lost 3 percent to $1.79 at 12:54 p.m. in New York. Trina, China’s fifth-largest solar-panel maker, fell 4.7 percent to $5.91.
American depositary receipts of Xinyu, China-based LDK were cut to underweight from neutral, while Changzhou, China-based Trina was lowered to neutral from overweight, Ahmar Zaman, an analyst at Piper Jaffray in New York, wrote in an e-mailed report today.
Yingli Green Energy Holding Co. (YGE) Ltd., China’s second- biggest solar-panel maker, was reduced to neutral from overweight, Zaman wrote. Shares slipped 2.5 percent to $2.73.
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