Roth Capital lowered the firm's price target on Daqo New Energy to $19 from $25 and keeps a Neutral rating on the shares. The company delivered a Q1 miss as gross margins were impacted by weak average selling prices and inventory impairment, which could be about $100M, the analyst tells investors in a research note. The management expects the minimum price floor guidance to be refreshed in June, but if the price guidance fails to materialize, Daqo could lower utilization/production and begin selling at market prices, the firm added.
