Market Overview

Maxim Group Reiterates Sell Rating, $9 PT on First Solar

Share:
Related FSLR
JP Morgan On First Solar: Buy The Dip
Deutsche Bank Sees The Sun Shining On YieldCo Vehicles; 8point3, TerraForm Initiated At Buy
The Growing Solar PV Divide And Its Implications (Seeking Alpha)

In a report published Friday, Maxim Group reiterated its Sell rating and $9.00 price target on First Solar (NASDAQ: FSLR).

Maxim Group noted, “FSLR's stock has jumped 47% (vs. 2% for the S&P 500) since earnings, likely due to lopsided sentiment and a misinterpretation that its LT outlook is bolstered by (1) the first guidance hike in years and (2) the new Campo Verde project. While the stock seems cheap at ~5x 2012E-2014E EPS, this is inflated by 1x contracts priced at higher 2009 levels. Organically, FSLR's advantage vs. the Chinese has evaporated; even with new projects, unsubsidized solar system ASPs of ~$1.50 yield normalized EPS of <$1.00, and a DCF of contracted cash flows (less liabilities) suggest a stock worth no more than $9.”

First Solar closed on Thursday at $21.70.

Latest Ratings for FSLR

DateFirmActionFromTo
May 2015RBC CapitalDowngradesSector PerformUnderperform
Feb 2015Northland SecuritiesUpgradesUnderperformMarket Perform
Feb 2015Standpoint ResearchDowngradesBuyHold

View More Analyst Ratings for FSLR
View the Latest Analyst Ratings

Posted-In: Maxim GroupAnalyst Color Reiteration Analyst Ratings

 

Related Articles (FSLR)

Get Benzinga's Newsletters