Needham & Company Upgrades First Solar (FSLR) to Hold Following Positive 2011 Guidance
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Price: $52.40 --0%
Rating Summary:
4 Buy, 23 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Rating Summary:
4 Buy, 23 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Trade FSLR Now!
Needham & Company upgraded First Solar (NASDAQ: FSLR) from Underperform to Hold.
Needham analyst says, "We upgrade FSLR to a Hold after the company provided stronger than expected 2011 guidance and announced the sale of its 290MW Agua Caliente solar project. We believe the strong guidance demonstrates that FSLR is executing its project pipeline. Additionally, it appears FSLR has been able to secure better contract prices for its modules, which we believe is partially due to strong c-Si module prices from the Chinese solar module makers. However, given its rich valuation (2011 P/E of 15X vs. peers at ~7X) and increased concern over end demand in 2011, we recommend investors not chase the stock here and prefer to focus on solar stocks with lower multiples, such as our Buy rated Jaso (Nasdaq: JASO) or LDK Solar (NYSE: LDK)."
For more ratings news on First Solar click here and for the rating history of First Solar click here.
Shares of First Solar closed at $137.04 yesterday, with a 52 week range of $98.71-$153.30.
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Needham analyst says, "We upgrade FSLR to a Hold after the company provided stronger than expected 2011 guidance and announced the sale of its 290MW Agua Caliente solar project. We believe the strong guidance demonstrates that FSLR is executing its project pipeline. Additionally, it appears FSLR has been able to secure better contract prices for its modules, which we believe is partially due to strong c-Si module prices from the Chinese solar module makers. However, given its rich valuation (2011 P/E of 15X vs. peers at ~7X) and increased concern over end demand in 2011, we recommend investors not chase the stock here and prefer to focus on solar stocks with lower multiples, such as our Buy rated Jaso (Nasdaq: JASO) or LDK Solar (NYSE: LDK)."
For more ratings news on First Solar click here and for the rating history of First Solar click here.
Shares of First Solar closed at $137.04 yesterday, with a 52 week range of $98.71-$153.30.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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