Though JA Solar (JASO +13.4%) soared on news of its $100M stock buyback, Jefferies...
Thursday, June 14, 2012, 5:15 PM ETThough JA Solar (JASO +13.4%) soared on news of its $100M stock buyback, Jefferies (Underperform) isn't convinced it's a bright idea. The firm observes the buyback amounts to nearly half of JA's market cap (currently $213.4M), and thinks the demand, margin, and payment issues facing solar vendors require them to "save every penny." And even if a company has excess cash, Jefferies considers it better spent on downstream (i.e. installation) projects, which remain profitable.
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