UPDATE: Piper Jaffray Downgrades Yingli Green Energy; Lowers PT

According to a research report published Thursday, Piper Jaffray downgraded Yingli Green Energy YGE from Overweight to Neutral, and lowered PT from $4 to $3. In the report, Piper Jaffray stated, "We downgrade YGE to Neutral following our reset expectations for lower pricing along the solar value chain. We estimate a 15% module ASP decline yoy to the mid-$0.60s by FY13 and believe it may trend lower according to our checks. We are also cautious on near-term industry oversupply and end market volatility, especially from Europe. We are positive on YGE's increased shipments to China given that China will become the largest market for PV installations globally starting in 2013." Yingli Green Energy closed Wednesday at $2.80.