Needham & Company Reiterates on First Solar as Timing of Project Creates Some Uncertainty

In a report published Friday, Needham & Company analyst Y. Edwin Mok reiterated a Hold rating on First Solar FSLR. In the report, Needham & Company noted, “FSLR's 3Q13 report shows that the company made progress on several fronts. While very strong 3Q13 results and the raised earnings guidance were mostly due to pull-in of the Desert Sunlight project, we are encouraged by the accelerated cost improvements, increased efficiency and expanded bookings. On the other hand, we believe lumpy project revenue, resulting in a big decline in 4Q, the prospect for lower 2014 earnings and uncertainty on the expected growth in 2015 will limit the stock from moving higher. Maintain our Hold.” First Solar closed on Thursday at $50.31.