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Friday, 11/20/2015 5:58:52 AM

Friday, November 20, 2015 5:58:52 AM

Post# of 306
Credit Suisse - We retain our Outperform rating and $45 TP. We increase our 2015/2016 EPS estimate to $4.77/$6.74 from $4.67/$6.29 to reflect higher third party shipments and retain 2017 at $6.47.


The quarter results were dragged down $19.1m ($0.49/share)
due to an FX charge associated with the deprecation of the RMB vs USD given the US denominated debt. We believe the combination of the FX charge (which should not be ongoing or
cause for concern) along with capacity expansion plans exacerbating fears of re-entering Tier-1 industry oversupply are spurring fears and resulting in the 10% decline today.
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