Argus Downgrades First Solar (FSLR) to Hold
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Argus downgraded First Solar (NASDAQ: FSLR) from Buy to Hold, citing reduced earnings visibility.
The analyst said they concerned about the company’s declining project backlog and the impact of intense price competition.
They expect 2017 EPS to be hurt by the extension, until 2019, of tax credits for solar projects. While customers have rushed to complete projects ahead of the original deadline in 2016, they will not face the same urgency in 2017- 2018.
The firm is maintaining 2016 EPS estimate of $4.35, but are lowering their 2017 forecast to $2.50 from $4.25 to reflect the extended expiration of the tax credit deadline.
Shares of First Solar closed at $38.25 yesterday.
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