Xinyi Solar downgraded to Neutral from Buy at Citi

Citi downgraded Xinyi Solar to Neutral from Buy with a price target of HK$3.60, down from HK$4.50, after cutting the firm’s 2024-26 earnings estimates by 30%-47%, factoring in lower average selling prices of solar glass. In downgrading the shares, the firm cites concerns over weak profitability of solar glass sales and that the industry oversupply is likely to persist in the next six months.