Cantor Fitzgerald Downgrades First Solar (FSLR) to Hold on Valuation after Q3

November 2, 2012 8:54 AM EDT Send to a Friend
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Price: $54.37 --0%

Rating Summary:
    11 Buy, 21 Hold, 9 Sell

Rating Trend: Up Up

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    Up: 0 | Down: 0 | New: 0
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Cantor Fitzgerald downgraded First Solar (NASDAQ: FSLR) from Buy to Hold with a price target of $23.00 following Q3 results as shares hit their target.

The analyst comments: "We are downgrading our investment opinion from BUY to HOLD and maintaining our $23 target price. The shares have hit our price target, and although we are comfortable the company can grow its project pipeline and transition to a sustainable EPC model, questions remain on how profitable new projects will be. Thus, with the shares fully valued, in our view, we prefer to move to the sidelines, as we expect more volatility."

On the quarter, the firm notes: "First Solar reported non-GAAP earnings of $1.27 on $839.1 million in revenues. The results compare to our estimate of $0.88 on $900 million in revenues and Bloomberg consensus of $1.07 on $969 million. The company adjusted full year guidance to $4.40-4.70 on $3.5-3.8 billion in revenues compared to prior guidance of $4.20-4.70 per share on revenues of $3.6-3.9 billion. The company cited some uncertainty on the completion of projects that are impacted by Superstorm Sandy."


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 $24.75 yesterday.


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