Jefferies on First Solar: Weak 4Q Guidance Likely Reason for CEO Dismissal

Jefferies & Company has published a research note on First Solar

after the company reported 3Q earnings. In the report, Jefferies writes, "FSLR put its 3Q on the tape, and lowered its FY guide. The magnitude of the weak 4Q guide – almost half its prior guidance – is likely the reason for the CEO dismissal, which is a positive versus worst fears of an accounting restatement, DOE loan scandal, or fraud. It was smart for the board to release the results, but no comments were about the four large projects." Jefferies maintains its Hold rating and $47 price target on First Solar, which is currently trading up $5.21 from yesterday's $43.27 closing price.