Goldman Sachs Slashes Price Target on First Solar (FSLR); 9-Day Information Vacuum on CEO News

Goldman Sachs slashed its price target on First Solar (NASDAQ: FSLR) from $90 to $60 following news that CEO Rob Gillette is leaving. However the firm maintained their Buy rating.

The target was cut due to limited visibility into the dynamics underlying the Board's decision.

"Acknowledging heightened downside risk pending detail on the rationale and circumstances behind the CEO change, the risk/reward from these depressed levels appears favorable," the analyst said.

The company is not responding to questions due to its pre-earnings quiet period. The company announced that it will report on Thursday, November 3. This means a nine-day information vacuum.

Goldman said the terse nature of the announcement, its timing and lack of a permanent replacement suggests it was an unanticipated event. Still Goldman is positive on the company's competitive positioning.

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 $43.27 yesterday.

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