Maxim Group Reiterates Hold on Yingli Green Energy Holdings

Maxim Group maintains its Hold rating on Yingli Green Energy Holdings

on limited earnings leverage to upside in guidance. Maxim Group says, "While its outlook for 50% shipment growth in 2012 surprised to the upside, gross margin guidance of 10% in 1Q suggests EPS losses until 4Q. While we continue to believe YGE's higher efficiency price premium provides it with better margin support than its peers, we lower our 2012 estimates and expect YGE to trade in a $3.50-5.00 range." YGE closed at $3.74 a share on Wednesday.