Needham & Company Maintains a 'Hold' on First Solar (FSLR); Secured DOE Loan Guarantees is Positive, but Lower Module Pricing Will Limit N-T Results

Needham & Company maintains a 'Hold' on First Solar (NASDAQ: FSLR).

Needham analyst says, "Yesterday, the Department of Energy (DOE) approved $4.49B in conditional loan guarantees for three of FSLR’s projects in California. Beyond the obvious benefit of securing loans for these projects, we believe the loan guarantees act as an endorsement by the DOE, confirming FSLR’s leadership in utility-scale PV project development in N.A. While this is clearly positive for FSLR’s system business, we believe its module business is facing significant pricing pressure, and the company will reduce full year guidance when it reports 2Q11 results."

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 $132.27 yesterday.

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