UPDATE: Cantor Fitzgerald Cuts Target to $21.50 on First Solar
Cantor Fitzgerald remains Sell-rated on First Solar (NASDAQ: FSLR) and cuts its price target by $5 to $21.50 on weak Q4 quarter results.
Cantor Fitzgerald says, "Quarterly results were awful and included massive charges. The company clung to their earnings guidance for 2012, while dropping the revenue outlook, and slashing expected utilization and total shipment goals. We are now more skeptical than we have been for several quarters, we have no confidence in the company's forward guidance, and we expect that 2013 will be worse than 2012."
FSLR closed at $36.40 a share on Tuesday.
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