JPMorgan Cuts Price Target on First Solar (FSLR) to $20, Negative Outlook Not Fully Priced In Yet

JPMorgan lowered its price target on Underweight-rated First Solar (NASDAQ: FSLR) to $20, which is based on 0.5x tangible book value.

The firm remains negative on the Solar PV space and expects stocks in the group to continue to trade below tangible book value. They said the subsidy environment is showing no signs of stabilization, industry growth beyond 2012 is likely to benefit foreign manufactures in China and Japan, and natural gas prices are likely to continue to remain low.

"Given our belief that investors are looking past C12 and our thoughts that things won't necessarily get better in C13, we believe FSLR will continue to trade below TBV," analyst Christopher Blansett said.

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 $21.73 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'
• Indigo Paints (INDIGOPN:IN) PT Raised to INR1,300 at ICICI Securities