By Sam Boughedda
Investing.com — GLJ Research analyst Gordon Johnson released a research note on JinkoSolar Holding Company Limited (NYSE:), outlining his bearish thesis on the stock.
JinkoSolar is a leading solar panel manufacturer based in Shanghai, China. The analyst currently has a sell rating and $11.65 price target on the stock, which represents an approximately 75% downside on current levels.
According to TheFly, Johnson said JinoSolar shares remained “astoundingly resilient all last year” and so far in 2022. He attributed the resilience to the anticipation of the company’s Shanghai IPO.
However, he said that with the IPO catalyst now behind and prices rising, it puts the company’s margins at risk again. The backdrop for Jinko is “in worse shape today,” he said.
The GLJ analyst said “now is likely a great time to aggressively short” shares in the company.
Despite the bearish commentary, Jinko’s stock price is up % 2to just over $46 per share Friday.