Needham & Company Staying on the Sidelines with First Solar (FSLR) Post Q1

May 7, 2013 7:59 AM EDT
Get Alerts FSLR Hot Sheet
Price: $34.75 +0.96%

Rating Summary:
    12 Buy, 28 Hold, 9 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company maintained a Hold on First Solar (NASDAQ: FSLR) following Q1 results which were largely as expected.

Analyst Y. Edwin Mok said, "FSLR's 1Q13 report showed some progress on the project development front but in our view did not provide enough incremental information to improve visibility into its revenue and earnings targets."

He continued, "We believe the company continues to execute its strategy by diversifying globally, focusing on growing bookings, and improving its costs. However, we also believe the 2014/15 targets look aggressive even after considering the large booking opportunities highlighted on this call. Given the recent strong run-up in share price, we recommend investors stay on the sideline."

The firm trimmed FY 2013 EPS estimates from $4.44 to $4.15 and raised FY 2014 EPS from $3.36 to $3.44.

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 $47.69 yesterday.

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