Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of JinkoSolar Holding Co., Ltd. (NYSE: JKS ) jumped more than 11% Thursday thanks to a positive analyst note.
So what: In a note to clients yesterday, analysts at ING Group reiterated their buy rating on JinkoSolar stock. JinkoSolar shares fell around 3% Tuesday after the company turned in mixed first-quarter results. Specifically, revenue grew 73.1% year over year, to $323.9 million, which translated to non-GAAP earnings of $0.20 per American depositary share. Analysts, on average, were looking for higher adjusted earnings of $0.40 per share on lower sales of $288.6 million.
Now what: I have to agree with both today's reiteration and fellow Fool Travis Hoium, who noted earlier this week that JinkoSolar's long-term prospects remain firmly intact. What's more, JinkoSolar's sequential drop in shipments during the seasonably slow Q1 was significantly smaller than the industry as a whole. Given a quickly improving global solar market, and with shares currently trading around 6.3 times next year's expected earnings, I still think investors would do well to hang onto JinkoSolar shares.
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