0816 GMT - Flat Glass shares are likely to undergo a correction after staging an "irrational" rally from Sept. 26, Daiwa analysts Dennis lp and Mavis Ma say in a note. The stock is likely to run out of steam as the company's earnings growth outlook seems dim, they say. The Chinese glass producer's fundamentals are likely to stay weak, leaving 2H earnings at risk, they say. The analysts see limited upside for solar-module demand in 4Q, following the peak production season in 3Q. Daiwa downgrades the stock to underperform from hold, and cuts its target price to HK$11.20 from HK$12.00.(tracy.qu@wsj.com)
(END) Dow Jones Newswires
October 10, 2024 04:16 ET (08:16 GMT)
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