UPDATE: Piper Jaffray Lowers PT on Yingli Green Energy to $4.50

Piper Jaffray is out with its report today on Yingli Green Energy

, lowering its PT from $8 to $4.50. In its report, Piper Jaffray writes, "While we see YGE at just below breakeven in FY12, the pullback in the stock price still leads us to recommend it. We move our valuation to EV/Sales, applying a conservative 0.7x multiple, in line with the group. This takes our price target to $4.50 and we reiterate our Overweight rating." Shares of YGE closed Monday at $3.89, up 8.66% from Friday's close.