JinkoSolar jumps as Jefferies reiterates Buy, raises price target to Street-high $65
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JinkoSolar (NYSE:JKS) +1.5% in Thursday’s trading as Jefferies maintains its Buy rating while raising its stock price target to a Street-high $65 from $36, saying the top global solar module maker is “deeply undervalued” with a $1.2B market cap.
We may be entering a new era for solar, Jefferies says, with JinkoSolar (JKS) “as the lead coordinator [which] may benefit the most from the mechanism that determines production plan by weighting on historical market share [and] nominal capacity… with its global #1 shipment volume in 2023 and H1 2024 and leading amount of N-type TOPCon capacities.”
Jefferies notes awareness by overseas investors on supply self-discipline has been low, expecting that “as overseas investors understand and appreciate the seriousness and granularity of the supply-side reform, JKS will see significant room for re-rating.