Jefferies Lowers PT On Hanwha SolarOne To $10

Jefferies & Company has published a research report on Hanwha SolarOne HSOL after the company reported a 4Q miss.

In the report, Jefferies writes "Hanwha reported a 4Q10 miss on a higher tax accrual. Excluding this HSOL would have reported a PF EPS beat of $0.52 vs. consensus of $0.45. In addition, HSOL is ramping higher opex and experiencing higher wafer/poly costs near term. Although we remain optimistic of longer term company fundamentals, higher tax and opex are a disappointment."

Jefferies maintains its Buy rating but has lowered the price target from $13 to $10.

Hanwha SolarOne closed yesterday at $7.49.