UPDATE: Jefferies Reduces PT to $1.50 on Suntech Power Holdings; Going Concern Questioned

Jefferies lowers its price target from $2 to $1.50 on Suntech Power Holdings STP. Jefferies comments, "STP took $69M of charges and lost ($0.74) per share in 1Q12. Excluding charges, the EPS would have been ($0.35)/sh, better than the Street expectation. We maintain Underperform and lower PT to $1.5 from $2.0. The company continued to manage its working capital and reduce opex. But the company's cost structure remains disadvantage relative to peers and its onerous debt of $2.3B requires restructuring and a liquidation of GSF assets at a loss in our opinion." STP closed at $2.02 on Wednesday.