Citi Maintains Hold Rating On Yingli Green Energy

According to Citi, Yingli Green Energy YGE Hold rating is maintained. Citi said that rapid ASP declines in 2Q were unlikely to really hit the P&L until 3Q where YGE now sees ~15-19% Q/Q decline to the $1.30/W range. “Our target remains $8.50 which represents ~1x book value, and we maintain our Hold (2S). We are lowering our estimates for 2011/2012 from $0.89/$0.42 to $0.64/0.28, respectively to reflect lower gross margins and higher int exp.” Yingli Green Energy closed on Friday at $5.26.