First Solar (FSLR) Delays Result In Substantial Miss, Outperform Reiterated at Cowen

Cowen analyst Jeffrey Osborne reiterated an Outperform rating and $83.00 price target on First Solar (NASDAQ: FSLR) after First Solar reported its 3Q19 results with revenue of $546.8mn, coming in well below consensus' estimate of $1,035.0mn, primarily as a result of delayed timing of project sales. EPS of $0.29, versus our $0.85 estimate and consensus' estimate of $1.13. Production in the quarter was 1,481MW compared to 1,376MW in 2Q. Cash decreased to $1.5bn from $2.0bn in 2Q19. Results were impacted by safe harboring and project sale timing in the U.S. and California, S4 shut downs and transitioning out of EPC. Management will provide 2020 guidance in February and not in December as is customary.

The analyst stated "Management seemed confident in closing SCE projects, leaving Japanese projects as the remaining bogey. We would be buyers on any weakness given Series 6 appears to be on track, with that cost structure as a key enabler longer term".

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 $55.89 yesterday.

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