Jefferies Cuts Numbers on First Solar (FSLR) Following Restructuring

Jefferies adjusted estimates and cut its price target on Hold-rated First Solar (NASDAQ: FSLR) from $38 to $36 following yesterday's restructuring news.

The firm comments, "FSLR stock was up with the group on beta and higher energy; FSLR announced a restructuring that de-risks the business near-term. The company is reducing capacity in high cost Germany. Production is now matched to internal proj vol, and it would appear very little 3-party sales are expected/req going forward."

Q1 EPS goes to $0.53 to $0.60, FY12 EPS goes down to $4.11 to $3.97 and FY13 goes down to $6.32 to $4.34

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 $22.96 yesterday.

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