UPDATE: Credit Suisse Downgrades China Ming Yang to Underperform; Persisting Bearish Outlook

Credit Suisse lowers its rating on China Ming Yang MY from Neutral to Underperform and reduces its price target from $3 to $0.90. Credit Suisse notes, "We believe WTG ASP has seen its bottom and should remain stable going forward. We do not see changing of industry dynamics for ASP trend up, however. We revise down our 2012/13 EPS forecast to -US$0.25 and –US$0.24 respectively, to reflect lower sales volume (to 1.915/1.446 GW from 1.942/1.869 GW) in 2012/13. We revise our target price to US$0.9 based on 1x net cash. We downgrade the stock to UNDERPERFORM. We are also concerned on the company's delay in both annual and first quarter filings." MY closed at $1.35 on Friday.