JinkoSolar downgraded to Sell at Citi on negative impact from U.S. tariffs

As previously reported, Citi downgraded JinkoSolar (JKS) to Sell from Buy with a price target of Rmb 5, down from Rmb 10.60. The firm’s previous Buy call on Jinko was for its superior profitability from the U.S. market and leading generation efficiency on TOPCon products, but the firm now sees a loss-making outlook in 2025 due to less profit from the U.S. market owing to tariffs and module price cuts in China, the analyst tells investors.