Goldman Sachs Expects First Solar (FSLR) to Be Weak After Results, But Likes Risk/Reward; Maintains Buy
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Price: $175.02 -1.39%
Rating Summary:
33 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
33 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Goldman Sachs reiterated its Buy rating and $190 6-month price target on First Solar (NASDAQ: FSLR) following mixed results after the close.
The firm notes the solid 1Q11 results are likely to be overshadowed by a push-out toward a 2H'11 weighted earnings growth trajectory.
Goldman said they still like the risk/reward, citing: 1) increased strategic interest in Solar companies (Total, GE, Hanwha), (2) cost cuts are tracking on plan (for First Solar, less so for competitors) and are allowing for constructive ASP declines, larger markets, and fewer viable competitors, and (3) 2011 production is allocated, with the pipeline buffer offering a profitable source of demand in both 2H2011 and 2012 should European markets remain soft.
For more ratings news on First Solar click here and for the rating history of First Solar click here.
Shares of First Solar closed at $134.66 yesterday.
The firm notes the solid 1Q11 results are likely to be overshadowed by a push-out toward a 2H'11 weighted earnings growth trajectory.
Goldman said they still like the risk/reward, citing: 1) increased strategic interest in Solar companies (Total, GE, Hanwha), (2) cost cuts are tracking on plan (for First Solar, less so for competitors) and are allowing for constructive ASP declines, larger markets, and fewer viable competitors, and (3) 2011 production is allocated, with the pipeline buffer offering a profitable source of demand in both 2H2011 and 2012 should European markets remain soft.
For more ratings news on First Solar click here and for the rating history of First Solar click here.
Shares of First Solar closed at $134.66 yesterday.
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