Long-Term Investors Should Buy First Solar (FSLR) on Weakness - Baird

Baird analyst Ben Kallo lowered his price target on First Solar (NASDAQ: FSLR) to $33.00 (from $45.00) following lowered guiance. However, the firm maintained an Outperform rating saying while not immune from the glut it will emerge as the strongest.

Kallo commented, ". FSLR provided 2017 guidance below consensus estimates, although non-GAAP EPS guidance was not negative which was expected by bears. Additionally, management announced plans to cancel Series 5 and accelerate Series 6 production, which should provide a cost and technology advantage in 2H:18. Shares will be under pressure as expectations are recalibrated, although we recommend long-term investors buy on weakness as FSLR will be best positioned for long-term growth given its balance sheet, cost profile, and technology."

The firm cut FY 2017 EPS from $1.26 to $0.38.

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 $32.82 yesterday.

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