Daqo New Energy

DQ · NYSE

$10.20+$0.12 (+1.19%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $10.08

DQ analyst rating

HoldConsensus of 3 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy1
Hold1
Underperform0
Sell1

12-month price target · 13 analysts

Average $24.77 (+142.9% upside)

Low: $10.10
Now: $10.20
High: $40.95

Upgrades and downgrades

The latest rating actions, newest first

DQ analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Jul 31, 2026	Maintains	Overweight	$35.50 → $22.00	—
GLJ Research	Feb 3, 2026	Downgrade	Buy → Sell	$30.51 → $18.13	67%
Roth Capital	Oct 28, 2025	Maintains	Neutral	$25.00 → $30.00	39%

The case for and against

Updated Apr 17, 2026

Bull case

Daqo New Energy Corp has demonstrated a notable improvement in its financial health, as evidenced by an 8% quarter-over-quarter increase in liquidity, reaching approximately $2.2 billion in quick assets. The company also projected significant revenue growth, with forecasts for 2026 and 2027 reflecting increases of around 15% and 21%, respectively, driven by potential higher average selling prices (ASPs) for polysilicon. Furthermore, the positive gross margins of approximately 3.9% indicate a successful upward trend in ASPs, bolstering the company's profitability outlook amidst anticipated market consolidation.

Bear case

Daqo New Energy Corp faces a significant adverse outlook due to a steep and sustained decline in monthly installations, with year-over-year decreases peaking at over 55% in recent months, indicating a persistent drop in demand following policy changes in China. Additionally, polysilicon prices have sharply retraced, falling to around CNY$48.5/kg, as oversupply and declining downstream prices exert downward pressure on transaction benchmarks, with no imminent pricing recovery in sight. The company's reliance on the Chinese market further compounds these issues, as ongoing weakness in global policy support for solar projects may lead to sustained low demand for polysilicon products.

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