Deutsche Bank Maintains Hold on First Solar, Despite Some Concerns Being Alleviated after 3Q Results

Deutsche Bank has published a research report on First Solar FSLR after the company reported 3Q earnings well below analyst expectations. In the report, Deutsche Bank writes, "Although shares were down more than 25% yesterday on the news of unexpected CEO departure we still see some downward pressure until there is further clarity on the new strategic direction for the company. Although shares appear to be trading at relatively attractive valuation (~4x 2012E P/E multiple), we believe it may be too early to step in and buy." Deutsche Bank maintains its Hold rating and $45 price target on First Solar, which is currently trading up $5.69 from yesterday's $43.27 closing price.