UBS Maintains a 'Neutral' on First Solar (FSLR); Module Business Uncertainty Remains
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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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UBS maintains a 'Neutral' on First Solar (NASDAQ: FSLR) price target slashed from $40 to $23.
Analyst, Stephen Chin, said, "We estimate First Solar’s 3 existing Dept of Energy guaranteed solar systems totaling 1.3GW are worth $12/share based on its prior sales prices of $3.65-$4.90/watt. We estimate low risk to these DOE loan guaranteed solar projects as each has competitive power purchase agreements to provide a backstop to taxpayer money."
"We estimate the cost differential between First Solar and crystalline silicon competitors narrowed on lower poly prices (we estimate only a $0.10/watt difference) and lower our 2012E and 2013E EPS to $3.75 and $4.00 versus $4.00 and $4.50 previously. We estimate the module business is a $7/share valuation liability and look for clarity in module warranty claim risks to reverse this trend."
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 $21.38 yesterday.
Analyst, Stephen Chin, said, "We estimate First Solar’s 3 existing Dept of Energy guaranteed solar systems totaling 1.3GW are worth $12/share based on its prior sales prices of $3.65-$4.90/watt. We estimate low risk to these DOE loan guaranteed solar projects as each has competitive power purchase agreements to provide a backstop to taxpayer money."
"We estimate the cost differential between First Solar and crystalline silicon competitors narrowed on lower poly prices (we estimate only a $0.10/watt difference) and lower our 2012E and 2013E EPS to $3.75 and $4.00 versus $4.00 and $4.50 previously. We estimate the module business is a $7/share valuation liability and look for clarity in module warranty claim risks to reverse this trend."
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 $21.38 yesterday.
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