UPDATE: Citi Upgrades Yingli Green Energy to Hold

Citi is out with its report today on Yingli Green Energy YGE, upgrading YGE from Sell to Hold. In a note to clients, Citi writes, "We rate shares of YGE Hold, Speculative (2S). While YGE's price leadership may continue to drive incremental share gains and Fine Silicon may ultimately yield sustained cost advantages, we think risk / reward is evenly match in the medium-term given: 1) valuation that is approaching book value, and 2) pending price reset in 2H:11." Citi lowers its PT on YGE from $11 to 9.75. At the time of posting, shares of YGE were trading pre-market at $9.03, down 0.22% from Friday's close.