Jefferies Says First Solar (FSLR) Guidance Is Back-End Loaded

Jefferies lower estimates and its price target on First Solar (NASDAQ: FSLR) following Q1 results after the close.

FY11 EPS estiamtes go from $9.45 to $9.30, while FY12 remains at $10.35. The firm cuts their price target from $160 to $145.

The firm staes, "Although FSLR delivered 1Q upside to consensus revenue and EPS, its F11 guidance is unchanged and is significantly more 2H loaded. Some 2011 revenue/profitability is carrying over into 2012. This is not positive enough for the highest multiple and highest market cap solar stock, but given the policy-driven industry downturn in Q2, maintaining F11 guidance is not so bad."

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 $134.66 yesterday.

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