STOCKS NEWS EUROPE-Q-Cells down; Merrill cuts target price

Shares in German solar cell maker Q-Cells (QCEG.DE) drop 6.1 percent, falling for a third consecutive day, as both Banc of America-Merrill Lynch and Goldman Sachs cut their price targets following Tuesday's release of second-quarter results that revealed a 62 million euro ($87.38 million) operating loss.

"Due to price pressure and market share losses, Q-Cells became loss making in Q2. Management offered little on the conference call to give us any conviction that margins can get back to a double digit level," Banc of America-Merrill Lynch says in a note.

It reduced the target price for the company to 6 euros from 17 euros and keeps its "underperform" rating on the company.

Goldman Sachs cuts its price target to 14 euros from 21 euros, keeping a "neutral" rating. For more double click on [ID:nLE396437]

Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net ($1=.7095 Euro)