First Solar (FSLR) Faces Industry Headwinds For Remainder of 2016 and Into Next Year - Mizuho

August 10, 2016 7:17 AM EDT
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Price: $40.99 +0.76%

Rating Summary:
    16 Buy, 25 Hold, 8 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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Mizuho Securities analyst James von Riesemann reiterated a Neutral rating and lowered his price target on First Solar (NASDAQ: FSLR) to $46 saying the company is facing challenging industry headwinds over the balance of 2016 and into next year.

These challenges are brought about by the roll-off of high-margined legacy projects; excess supply build ahead of ITC tax credits (since extended); and, perhaps presciently, FSLRs switch-over in technologies to the higher-density Series 5 module.

"As such, investors are struggling with how to value FSLR, and so are we, given the limited transparency into 2017," von Riesemann said. "We lower our price target significantly and maintain our cautious, but Neutral, stance."

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 $41.66 yesterday.

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