Cantor Fitzgerald Cuts Price Target on First Solar (FSLR) by 37.5%, No Demand Growth Between 2011 & 2012
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Price: $225.56 +0.84%
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Cantor Fitzgerald is reaffirming its Sell rating on shares of First Solar (NASDAQ: FSLR) and is cutting its price target from $88 to $55.
The firm's prediction that solar panels will "significantly" outpace demand in 2011 and 2012 is falling inline. Currently Cantor Fitzgerald is not anticipating any growth in demand between 2011 and 2012 and believes that the level of demand will range between 17 and 19 Gw for the two years.
The company will experience a loss in total sales with demand falling as well as pricing power. The firm expects that their estimates will remain well under the Street's and notes that its price target on the company may even be optimistic.
An analyst at Cantor Fitzgerald comments, "We believe that First Solar remains well positioned to flourish in a market with low or no subsidies once the market consolidates, and we suggest that investors wait for a more opportune time to accumulate shares."
Cantor Fitzgerald is cutting its Q4 and FY11 EPS estimates from $4.26 and $8.81 to $3.72 and $8.26. Revenue for the quarter and year is forecasted to be $1.41 billion and $3.57 billion. The firm is also introducing its FY12 EPS and revenue estimates at $$7.28 and $3.61 billion.
For more ratings news on First Solar click here and for the rating history of First Solar click here.
Shares of First Solar closed at $72.27 yesterday.
The firm's prediction that solar panels will "significantly" outpace demand in 2011 and 2012 is falling inline. Currently Cantor Fitzgerald is not anticipating any growth in demand between 2011 and 2012 and believes that the level of demand will range between 17 and 19 Gw for the two years.
The company will experience a loss in total sales with demand falling as well as pricing power. The firm expects that their estimates will remain well under the Street's and notes that its price target on the company may even be optimistic.
An analyst at Cantor Fitzgerald comments, "We believe that First Solar remains well positioned to flourish in a market with low or no subsidies once the market consolidates, and we suggest that investors wait for a more opportune time to accumulate shares."
Cantor Fitzgerald is cutting its Q4 and FY11 EPS estimates from $4.26 and $8.81 to $3.72 and $8.26. Revenue for the quarter and year is forecasted to be $1.41 billion and $3.57 billion. The firm is also introducing its FY12 EPS and revenue estimates at $$7.28 and $3.61 billion.
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 $72.27 yesterday.
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