Morgan Stanley Sees Cost Reduction as Important First Step for First Solar

In a report published Wednesday, Morgan Stanley analyst Timothy Radcliff reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “Costs are tracking to management's expectations and that is a clear positive. Although we are still waiting for further evidence that management can successfully diversify earnings internationally, cost reduction is an important first step...Although we are more positive following successful cost reductions, we believe the current price still assumes a large degree of profitable international growth, which remains highly uncertain.” First Solar closed on Tuesday at $58.03.