Maxim Group reaffirmed their sell rating on shares of First Solar (NASDAQ: FSLR) in a report issued on Wednesday. They currently have a $9.00 target price on the stock.
“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.,” Maxim Group’s analyst wrote.
Shares of First Solar traded down 0.93% during mid-day trading on Wednesday, hitting $25.60. First Solar has a 52 week low of $11.43 and a 52 week high of $36.98. The stock’s 50-day moving average is currently $31.10. The company’s market cap is $2.231 billion.
Several other analysts have also recently commented on the stock. Analysts at Raymond James reiterated an underperform rating on shares of First Solar in a research note to investors on Wednesday. Separately, analysts at Bank of America downgraded shares of First Solar from a neutral rating to an underperform rating in a research note to investors on Wednesday. They now have a $25.00 price target on the stock, down previously from $35.00. Finally, analysts at Robert W. Baird downgraded shares of First Solar from an outperform rating to a neutral rating in a research note to investors on Wednesday. They now have a $25.00 price target on the stock, down previously from $30.00.
Three analysts have rated the stock with a buy rating, fifteen have given a hold rating, four have issued an underweight rating, and five have given a sell rating to the company. The company currently has a consensus rating of hold and a consensus price target of $27.23.
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