Maxim Group Reiterates Sell Rating, $9 PT on First Solar on Lowered Estimates After 4Q12 Review

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

. Maxim Group noted, “Overshadowing 4Q12 EPS upside—driven by margins/taxes—was deteriorating demand with (1) 4Q12 revenue falling short of guidance, (2) project book-to-bill of only 0.2x (including PPAs), and (3) low visibility in 2H12 leading to another delay in its 2013 guidance. With a falling backlog leading back to a dependence on module sales and margins falling, we believe FSLR's normalized outlook for lower earnings power is coming to light and has undercut recent optimism.” First Solar closed on Tuesday at $31.36.