UPDATE: BofA/Merrill Lynch Upgrades First Solar (FSLR) from Underperform to Buy
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Price: $225.56 --0%
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
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(Updated - April 18, 2012 12:22 PM EDT)
An analyst at BofA/Merrill Lynch is pounding the table on shares of First Solar (NASDAQ: FSLR) Wednesday morning with an upgrade from Underperform to Buy. The analyst's price target was raised from $19 to $30.
The two-notch upgrade follows news Tuesday of a restructuring at First Solar amid "deteriorating market conditions." While shares of First Solar initially moved lower amid the news, the stock closed about 10 percent higher.
BofA said the upgrade was "in recognition of the company's cost reduction efforts and the resulting likely impact both on earnings and valuation." The firm previously noted excess manufacturing capacity as a problem, and Tuesday's action effectively addresses this issue. BofA warned, however, First Solar "still faces substantial challenges, and we still see earnings declining the next several years."
The firm's note concluded with: "With the moderately improved cost structure, better earnings outlook and a story to tell, we think that the stock can move to $30."
Although First Solar shares traded higher in pre-market action and just after the open, the stock dipped sharply ahead of 10am ET and is now down about 4.5 percent to $21.93.
For an analyst ratings summary and ratings history on First Solar click here. For more ratings news on First Solar click here.
An analyst at BofA/Merrill Lynch is pounding the table on shares of First Solar (NASDAQ: FSLR) Wednesday morning with an upgrade from Underperform to Buy. The analyst's price target was raised from $19 to $30.
The two-notch upgrade follows news Tuesday of a restructuring at First Solar amid "deteriorating market conditions." While shares of First Solar initially moved lower amid the news, the stock closed about 10 percent higher.
BofA said the upgrade was "in recognition of the company's cost reduction efforts and the resulting likely impact both on earnings and valuation." The firm previously noted excess manufacturing capacity as a problem, and Tuesday's action effectively addresses this issue. BofA warned, however, First Solar "still faces substantial challenges, and we still see earnings declining the next several years."
The firm's note concluded with: "With the moderately improved cost structure, better earnings outlook and a story to tell, we think that the stock can move to $30."
Although First Solar shares traded higher in pre-market action and just after the open, the stock dipped sharply ahead of 10am ET and is now down about 4.5 percent to $21.93.
For an analyst ratings summary and ratings history on First Solar click here. For more ratings news on First Solar click here.
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