LDK Solar (NYSE: LDK) might have thought its problems were over in December, when an independent audit cleared it of allegations that it misstated its silicon inventory But analyst reports following fourth-quarter results posted Monday made it clear that the cloud of suspicion around the company hasn’t dissipated.
In a research note Tuesday titled "Inventory questions resurface following 4Q07 results," Oppenheimer & Co. analyst Adam Hinckley wrote that the firm has questions about LDK’s inventory management."Concerns over inventory and cash flow, coupled with management’s evasiveness to questions, are likely to cause a negative share price reaction," he wrote. "Firm believes investors will be disappointed by the unchanged 2008 guidance and management’s evasiveness to questions related to changes in inventory, [capital expenses] and financing sources for the aggressive expansion plans."
Piper Jaffray lowered its price target from $34.50 to $27 per share, reiterated its Sell rating, and wrote that "uncertainties persist" and that a "lack of management clarity" will lower share prices.
Lazard Capital, which maintained its Hold rating, wrote that the stock "will likely come under pressure on inventory/margin concerns" and its ability to raise capital for its silicon plant. Analysts also expressed confusion about LDK’s inventory accounting in a conference call Monday, according to the Associated Press.
Not all analysts reacted the same way, however.
Needham & Co. reiterated its Strong Buy rating in a research note Tuesday, calling LDK "grossly undervalued" with solid supply agreements and an impressive customer base.
And Goldman Sachs, which upgraded the stock from Sell to Neutral last week, apparently hasn’t changed its mind .....
http://seekingalpha.com/article/...ns-haunting-ldk-solar?source=yahoo
also das ist ja wirklich nicht positiv |
