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Axiom Reviews JA Solar's Earnings (JASO)


Axiom Capital Research is out with a research report reviewing JA Solar Holdings Co., Ltd. (ADR) (NASDAQ: JASO) earnings report. It has a $5 price target on shares and has a Sell rating on shares.

In the research note, Axiom writes, "As expected, JASO proved Street ests for 2H10 were grossly understated; yet, with support for solar falling, a structural oversupply imminent, & pricing pressure on the horizon, we see risk to both our forward multiple & EPS ests; While JASO's results were handedly ahead of the Street, given the company's commentary on low single digit sequential ASP appreciation his quarter, high-single digit wafer cost hikes in C4Q10, & limited details on incremental capacity expansion, we believe fears are growing on JASO's ability to balance solar wafer price hikes with incremental increases in solar cell ASPs – while JASO said the solar cell ASPs would be down high-single digits in C1Q11, the company said it expects wafer prices to fall inline with this est, which we believe many investors are questioning."

Shares of JASO lost 33 cents yesterday to close at $9.08.


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