China Ming Yang Wind Power Group Limited (NYSE: MY) was downgraded by equities research analysts at Credit Suisse (NYSE: CS) from a “neutral” rating to an “underperform” rating in a research note issued to investors on Monday.
The analysts wrote, “We believe WTG ASP has seen its bottom and should remain stable going forward. We do not see changing of industry dynamics for ASP trend up, however. We revise down our 2012/13 EPS forecast to -US$0.25 and –US$0.24 respectively, to reflect lower sales volume (to 1.915/1.446 GW from 1.942/1.869 GW) in 2012/13. We revise our target price to US$0.9 based on 1x net cash. We downgrade the stock to UNDERPERFORM. We are also concerned on the company’s delay in both annual and first quarter filings.”
Shares of China Ming Yang Wind Power Group Limited traded down 0.81% during mid-day trading on Monday, hitting $1.339. China Ming Yang Wind Power Group Limited has a one year low of $1.18 and a one year high of $6.69. The company’s market cap is $163.2 million.
China Ming Yang Wind Power Group Limited last issued its quarterly earnings data on Friday, June 1st. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.03. The company’s revenue for the quarter was down 69.7% on a year-over-year basis. On average, analysts predict that China Ming Yang Wind Power Group Limited will post $0.24 earnings per share next quarter.
China Ming Yang Wind Power Group Limited (Mingyang) is a wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines.
