First Solar (FSLR): If Turnaround Is Perfectly Executed, It Will Still Take Until Mid '18 - Mizuho

Mizuho Securities analyst, James von Riesemann, reiterated his Neutral rating on shares of First Solar (NASDAQ: FSLR) and cut his price target to $30 from $46 after guidance was worse than expected at $0.00-0.50 per share, materially below current Street views of $2.00 per share.

The analyst believes this is troubling and the announced strategy revamp may take until mid-2018, assuming perfect execution. That said, the shares are trading at 0.58x tangible book, including $12.54 of net cash per share.

The analyst is keeping his cautious perspective on the shares despite the valuation.

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 $32.82 yesterday.

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