FLSR Downgraded On Lower Earnings, Multiples
Analyst Colin Rusch of ThinkEquity Partners downgrades First Solar Inc (NASDAQ: FSLR) from "buy" to "hold," while reducing his estimates for the company. The target price for FSLR has been reduced from $162 to $114.
According to ThinkEquity Partners, First Solar has reported its Q4 revenues and earnings significantly ahead of the estimates and the consensus. The downgrade in the rating is due to “concerns related to currency exposure, potential for increased price competition, and increased dependence on internal systems business,” the analyst says.
“We continue to believe FSLR has sustainable cost advantages versus peers and is reaching price parity with natural gas peaking facilities in select regions, which we believe will result in significant demand elasticity over time,” the analyst ads. ThinkEquity Partners has reduced its EPS estimates for FY10 and FY11 from $6.51 to $5.75 and from $8.08 to $7.60, respectively.
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Posted-In: Colin Rusch ThinkEquity PartnersAnalyst Color Downgrades Price Target Analyst Ratings
