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Deutsche Bank Q2 Review on First Solar (FSLR): Low Quality or Conservative Raise?

August 2, 2012 7:38 AM EDT Send to a Friend
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Price: $65.81 -2.53%

Rating Summary:
    11 Buy, 21 Hold, 9 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 10
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Deutsche Bank maintains a 'Hold' on First Solar (NASDAQ: FSLR) price target of $17.00.

Deutsche analyst said, "Upside to Q2 results/2012 guidance along with positive comments around captive pipeline development are likely the 2 main factors driving positive after-hours share price performance, in our view. Although the progress on pipeline front so far appears to be encouraging, several questions around profitability of pipeline and sustainability/quality of 2H12 earnings momentum remain."

"Considering the increasing headwinds in growing 2013 non-captive shipments (due to lower German/Italian shipments, no exposure to China/Japan), we see utilization rates decreasing again from 1H13, costs increasing and overall earnings power decreasing from ~$3 run-rate." (FY12 EPS estimate raised from $4.27 to $4.30)

For an analyst ratings summary and ratings history on First Solar click here. For more ratings news on First Solar click here.

Shares of First Solar closed at $14.80 yesterday.

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