UPDATE: Citi Upgrades Yingli Green Energy

According to a research report published this morning, Citi has upgraded Yingli Green Energy

from Neutral to Buy, and increased PT from $3 to $6. In the report, Citi commented, "We see YGE as a significant beneficiary from a market turn, particularly given that the poly assets have now been written down and, much like TSL, it should be able to earn a healthy cash margin on its integrated conversion capacity." Yingli closed yesterday at $3.64.