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

In a report published Friday, Maxim Group reiterated its Sell rating and $9.00 price target on First Solar

. Maxim Group noted, “Triggered by a double dose of misguided optimism—first over a new project win and second speculation of a new one—FSLR's stock popped 11% Thursday, but we expect the gains to be short-lived as the true impact on its pipeline settles in. The new contract, while certainly a positive, barely moves the needle with 24 MW-DC priced at $1.85/W and yielding $7m contribution margin, while hopes soared high over a 1-GW project for which NEE (a) only plans to build 250 MW of in 2016-17 and (b) is not favoring FSLR. With no material change, we expect the hype to subside and maintain our Sell.” First Solar closed on Thursday at $23.11.