UPDATE: Piper Jaffray Lowers PT on LDK Solar to $3.30

Piper Jaffray is out with its report today on LDK Solar (NYSE: LDK), lowering its PT from $6.50 to $3.30.

In its report, Piper Jaffray writes, "We value LDK on price/sales at 0.2x FY12E sales of $2b, below the group average of 0.4x due to its estimated loss per share, coupled with substantial debt of $3b. Our price target moves from $6.50 to $3.30 and we remain Neutral."

At the time of posting, shares of LDK were trading pre-market at $3.45, up 3.60% from Monday's close.