This solar company was just upgraded to ‘Buy’ by Cabot and by Deutsche Bank, and Deutsche raised its price target for the stock to $65 per share (from $50).
JinkoSolar (JKS)
From Cabot Stock of the Week
The market’s main trend remains up—with leading indexes hitting new highs in recent days—but breadth has been less than ideal, as is typical of aging bull markets. Eventually, trends will turn down. But we are not there yet, and so I continue to recommend that you invest heavily in a diversified portfolio of stocks that meet your investment needs. There are still plenty of attractive opportunities, particularly on the growth side.
JinkoSolar (JKS), originally recommended by Mike Cintolo in Cabot Top Ten Trader, reported mixed second quarter results last Wednesday. Revenues of $1.17 billion (up 40% from the year before) beat estimates by 13%, but earnings of 20 cents were way below estimates of 69 cents.
The stock sold off briefly on the news but rebounded strongly, hitting a record high just two days later. In short, the recent worries have passed, so I’m returning the stock’s rating to Buy.
Timothy Lutts, Cabot Stock of the Week, www.cabotwealth.com, 978-745-5532, September 12, 2017