Collins Stewart Downgrades First Solar (FSLR) to Hold; Risk/Reward More Balanced
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Collins Stewart downgrades First Solar, Inc. (Nasdaq: FSLR) from Buy to Hold.
Collins analyst says, "Due to the price increase seen in recent sessions, FSLR has reached a point where we find the risk/reward more balanced for investors. With yesterday's rally, the shares are now within 16% of our $175 price target and trading at 22.5x our FY09 EPS forecast of $6.67. As a result, we are lowering our rating to Hold...With regard to China, we do not believe the program in China will meaningfully alter the demand for FSLR product or correct the polysilicon oversupply situation we forecast for CY09 and CY10...We would look for a price below $125 as a future re-entry point."
To see more analyst ratings on FSLR Click Here.
First Solar, Inc. designs and manufactures solar modules using a thin film semiconductor technology.
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