Needham & Company Remains Sidelined on First Solar (FSLR) Following 2Q
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Needham & Company maintained a Hold rating on First Solar (NASDAQ: FSLR) following the company's 2Q earnings report. Revenue of $688MM was meaningfully below the Street's $990MM driven by lower system revenue. FSLR lowered 2016 revenue guidance from $3.8-4.0B to $2.8B$2.9B, after they decided to push out the timing of the CA Flats and Moapa projects into 2017.
Analyst Edwin Mok commented, "FSLR reported mixed 2Q16 results and substantially reduced its 2016 revenue guidance while maintaining earnings, as it decided to delay two big projects into 2017. We believe the report continues to validate our thesis on the challenging 2017, and even with the push-out, we continue to expect the Street's aggressive estimates to move toward our projections. Faced with meaningful pricing pressure in the module business, FSLR is rethinking its product strategy, which will likely result in accelerating the product roadmap to Series 6. We see some downside risks going into the 2017 guidance call on November 16, and therefore we remain on the sidelines until the market gets better visibility into the coming year."
Shares of First Solar closed at $40.58 yesterday.
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