First Solar (FSLR) Faces Industry Headwinds For Remainder of 2016 and Into Next Year - Mizuho
- Major stock indexes rise again to new records
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- Third-Party Said Interested in PrivateBancorp (PVTB) as CIBC (CM) Deal is Delayed
- Insys Therapeutics (INSY) Sinks as Former Employees Arrested in Racketeering Scheme
- Lower for longer, ECB scales back asset buys
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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."
Shares of First Solar closed at $41.66 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades Timken (TKR) to Hold
- FBR Capital Raises Price Target on TEGNA (TGNA) Following Investor Conference
- UPDATE: Stifel Downgrades EMCOR Group (EME) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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!