UPDATE: Mirae Asset Lowers PT on LDK Solar to $1.70

Mirae Asset reiterates a Reduce rating on LDK Solar (NYSE: LDK) and lowers its price target from $1.90 to $1.70.Mirae Asset notes, “LDK Solar has announced 1Q12 net loss of US$185m, higher than our expectations and market estimates. The 1Q12 gross margin was negative 65.5%, the same as in 4Q11. Inventory write-down and provisions also drove down LDK's margins in 1Q12. The wafer shipment was 164MW, down 17% QoQ, while the module shipment was below our expectations at just 154MW, down 39.8% QoQ. We expect the US anti- dumping duties, which will be confirmed and implementedin November 2012, will adversely impact LDK's module sales.”LDK solar closed at $1.90 on Tuesday.