Shares of Daqo New Energy Corp. (DQ) surged 7% in pre-market trading on Tuesday, following an upgrade by HCBC analysts to a Buy rating. The investment bank also raised its price target on the solar energy company to $29.30, citing strong growth prospects and positive industry trends.
According to HCBC's research note, Daqo New Energy is well-positioned to capitalize on the increasing global demand for renewable energy solutions. The company's advanced polysilicon manufacturing capabilities and efficient cost structure are expected to drive significant margin expansion in the coming years.
The analysts also highlighted Daqo New Energy's strategic partnerships and expansion plans as key drivers for future growth. With the global push towards clean energy and climate change initiatives, the outlook for the solar industry remains highly favorable, further supporting the bullish case for the stock.
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