Market Overview

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

Share:
Related FSLR
Solar Stocks Are Getting Killed By SolarCity's Whiff
Low Oil Prices Pave The Way For Investment Opportunities
Will First Solar Surprise Again? (Seeking Alpha)

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

DateFirmActionFromTo
Jan 2016Roth CapitalInitiates Coverage onBuy
Jan 2016BarclaysMaintainsOverweight
Jan 2016Standpoint ResearchUpgradesHoldBuy

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