Goldman Sachs Cuts Price Target on First Solar (FSLR), But Sees Massive Upside
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Price: $217.85 -3.42%
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Goldman Sachs significantly cut its 6-month price target on First Solar (NASDAQ: FSLR) from $150 to $90, but still sees huge upside. The firm reiterated a Buy rating on the stock.
The firm notes that First Solar is down 56% year-to-date, versus the 4% slide in the S&P 400. The multiple the stock trades at has moved 55% lower with essentially no change in consensus 2012 EPS.
Goldman sees a favorable risk/reward, with downside "buoyed by a $50 2014 cash/share scenario."
"Having set projects in motion that drive 85% of EPS over 2012-2014E, First Solar has a more visible cash earnings stream than other panel firms," Goldman's analyst said. "Further 2011-12 pipeline additions should support the durability of EPS."
Despite the positive comments, Goldman cut 2011-2013E EPS by 8%, 13%, 15% to $8.75, $10.00, $11.00 on lower spot ASP assumptions.
For more ratings news on First Solar click here and for the rating history of First Solar click here.
Shares of First Solar are up 4 percent today to $55.09.
The firm notes that First Solar is down 56% year-to-date, versus the 4% slide in the S&P 400. The multiple the stock trades at has moved 55% lower with essentially no change in consensus 2012 EPS.
Goldman sees a favorable risk/reward, with downside "buoyed by a $50 2014 cash/share scenario."
"Having set projects in motion that drive 85% of EPS over 2012-2014E, First Solar has a more visible cash earnings stream than other panel firms," Goldman's analyst said. "Further 2011-12 pipeline additions should support the durability of EPS."
Despite the positive comments, Goldman cut 2011-2013E EPS by 8%, 13%, 15% to $8.75, $10.00, $11.00 on lower spot ASP assumptions.
For more ratings news on First Solar click here and for the rating history of First Solar click here.
Shares of First Solar are up 4 percent today to $55.09.
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