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First Solar (FSLR) PT Trimmed at Needham & Company Following Q3 Print and No Yieldco

November 7, 2014 7:45 AM EST
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Price: $168.80 +0.81%

Rating Summary:
    29 Buy, 18 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company analyst Y. Edwin Mok maintained a Buy rating on First Solar (NASDAQ: FSLR) but trimmed his price target to $70.00 (from $75.00) following Q3 results and management;s decision no to pursue a public yieldco.

Mok commented, "FSLR reported a weaker-than-expected 3Q14 and lowered 2014 full year revenue guidance while maintaining earnings guidance. The biggest disappointment out of the earnings call was management's decision not to pursue a public yieldco, even as it grows bookings and plans to hold more self-developed projects on its balance sheet. While we understand that this approach gives FSLR more flexibility as it can still own part or all of the retained projects, we believe a yieldco would ultimately create more shareholder value. Beyond the yieldco decision, the report confirms continued execution, and the plan for capacity expansion gives us confidence for growth ahead."

The firm raises 2014E NG EPS to $2.60, lower 2015E to $4.70 but raise 2016E to $5.40.

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 $56.41 yesterday.



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