First Solar (FSLR): If Turnaround Is Perfectly Executed, It Will Still Take Until Mid '18 - Mizuho
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Mizuho Securities analyst, James von Riesemann, reiterated his Neutral rating on shares of First Solar (NASDAQ: FSLR) and cut his price target to $30 from $46 after guidance was worse than expected at $0.00-0.50 per share, materially below current Street views of $2.00 per share.
The analyst believes this is troubling and the announced strategy revamp may take until mid-2018, assuming perfect execution. That said, the shares are trading at 0.58x tangible book, including $12.54 of net cash per share.
The analyst is keeping his cautious perspective on the shares despite the valuation.
Shares of First Solar closed at $32.82 yesterday.
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