Market Overview

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

Related FSLR
Short Sellers Take A Shine To First Solar and SunEdison (FSLR, SCTY, SUNE)
NextEra Energy Hits a 52-Week High - Analyst Blog
Time to Take a Shot on First Solar? (Fox Business)

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

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.

Posted-In: Maxim GroupAnalyst Color Reiteration Analyst Ratings

 

Most Popular

Related Articles (FSLR)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free