New York, August 3 (FinanceEnquiry.com) – Analyst Angelo Zino at S&P CAPITAL IQ downgrades their ratings on First Solar (NASDAQ: FSLR) from SELL to STRONG SELL. The 12-month target price is set to $16.
In a research note published yesterday, the analyst mentions that significant competitive pressures have been seen and cautious has been maintained as to whether FSLR would grow its pipeline enough to execute on its systems business on a sustainable basis. Its less sufficient panels as compared to the competitors have been noticed.
The margins/earnings have been expected to decline sharply as FSLR bids and recognizes revenue on projects at much less favorable prices. The target price is based on the P/E of 8.1x of 2014 EPS estimate of $1.96, has been lower than the Capital IQ consensus estimate of $3.22. The shares might not experience multiple expansion given earnings uncertainty, the analyst says.
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