Argus Downgrades First Solar (FSLR) to Hold
- Wall Street dips as telecoms slump; AmEx surges
- Microsoft (MSFT) Tops Q1 EPS by 8c
- AMD (AMD) Posts Q3 Operating EPS of 3c; Sees Q4 Revenue Down Sequentially
- AT&T (T) Said to Discuss Idea of Takeover in Time Warner (TWX) Meetings
- After-Hours Stock Movers 10/20: (CERC) (ALKS) (PFPT) (MSFT) Higher; (SKX) (RRGB) (AMD) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Cuts Price Target on Syntel, Inc. (SYNT) Following Weak 3Q
- Wedbush Cuts Price Target on Bj's Restaurants, Inc. (BJRI) to $34; Reiterates Neutral
- eBay (EBAY) Turnaround on Track, Buy the Dip - Susquehanna
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Downgrades
Related EntitiesArgus, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!