Close

Needham & Company Cuts Price Target on First Solar (FSLR) to $70 Following 2Q Results

August 5, 2015 9:20 AM EDT
Get Alerts FSLR Hot Sheet
Price: $149.48 +1.40%

Rating Summary:
    29 Buy, 18 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 20 | Down: 14 | New: 22
Join SI Premium – FREE

Needham & Company maintained a Buy rating on First Solar (NASDAQ: FSLR), and cut the price target to $70.00 (from $73.00), following 2Q15 results. FSLR reported revenue and EPS of $896M and $0.93, above the Street's $789M and $0.49 respectively. Full year revenue and EPS guidance of $3.5B-$3.6B and $3.30- $3.60 is above the the Street's $3.4B and $2.10.

Analyst Edwin Mok commented, "FSLR reported strong 2Q15 results and provided full year 2015 guidance above consensus with good execution of its project business, the yieldco IPO, efficiency improvements and profitability. We believe the report confirmed FSLR is executing its multi-channel strategy in growing its utility-scale solar business, and the launch of the joint yieldco 8point3 [CAFD, N/R] created another attractive way for the company to monetize its pipeline. While many investors seem to be fearful of a sharp decline in FSLR's business post-ITC in 2017, we believe the company is growing its international business and increasing competitiveness of its CdTe modules to target non-utility segments. The stock recently sold off with the group, but we believe the strong earnings power will drive the stock to rebound."

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 $44.50 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Guidance

Related Entities

Needham & Company, Earnings, IPO