JinkoSolar Holding Co., Ltd. (NYSE:JKS) stock was down on Friday following downgrades from a couple of analysts.
The first downgrade to hit JinkoSolar Holding Co., Ltd. today came from analysts at Citigroup. The investment banking firm lowered its rating for JKS to “Sell.” The previous rating that the analysts had for the stock was a “Neutral” one.
The next analyst that decided to downgrade JinkoSolar Holding Co., Ltd. stock is Morgan Stanley. The company lowered its rating for JKS to “Underweight.” Its previous ranking for the solar power company was “Overweight.”
Adding to the damage to JinkoSolar Holding Co., Ltd. stock is Morgan Stanley lowering its price target for it. The firm now has a price target of $16.40 for the stock. This is a $3 drop from its previous price target of $19.40, reports Schaeffers Research.
In its research note for the downgrade of JinkoSolar Holding Co., Ltd., Morgan Stanley said that it believes that the stock will face possible hardships over the next year. It says this is due to low demand for solar power and uncertainties for policies around the globe.
JinkoSolar Holding Co., Ltd. stock currently has a consensus rating of hold and a price target of $25.30. There is one research analyst has given the stock a “Sell” rating, two have given it a “Hold” rating and three have given it a “Buy” rating, The Cerbat Gem notes.
JKS stock is down 3% as of Friday morning, but is up 36% year-to-date. Its closing price on Thursday was $21.46.
