Market Overview

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

Related FSLR
Wunder Capital Offers Investors Unique Exposure To The Solar Industry
California Emerges As A Champion For Renewables
Solar-Utilities Battle Brewing (Investor's Business Daily)

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.

Latest Ratings for FSLR

Oct 2015Avondale PartnersInitiates Coverage onMarket Perform
Sep 2015BarclaysInitiates Coverage onOverweight
Aug 2015Cowen & CompanyUpgradesMarket PerformOutperform

View More Analyst Ratings for FSLR
View the Latest Analyst Ratings

Posted-In: Maxim GroupAnalyst Color Reiteration Analyst Ratings


Related Articles (FSLR)

View Comments and Join the Discussion!

Get Benzinga's Newsletters