First Solar Downgraded to Sell at Goldman Sachs Group Inc. (FSLR)
First Solar (NASDAQ:FSLR) was downgraded by equities researchers at Goldman Sachs Group Inc. from a “buy” rating to a “sell” rating in a research report issued on Monday, TheFlyOnTheWall.com reports. They currently have a $45.00 price target on the stock, down from their previous price target of $61.00. Goldman Sachs Group Inc.’s price target would indicate a potential downside of 12.21% from the stock’s previous close.
The analysts wrote, “robust” demand for US utility-scale solar projects and the key driver of 2H13 bookings momentum, Lee noted that “US growth shifting away from utility-scale to rooftop in coming years, with an estimated volume CAGR of 8% vs. 45%, respectively, through 2016. With its low-efficiency technology ill-suited for rooftop, we see First Solar as mis-positioned vs. US solar peers.”
FSLR has been the subject of a number of other recent research reports. Analysts at TheStreet reiterated a “hold” rating on shares of First Solar in a research note to investors on Thursday, December 26th. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have assigned a buy rating to the company. First Solar has an average rating of “Hold” and an average price target of $41.29.
First Solar (NASDAQ:FSLR) traded down 9.66% on Monday, hitting $51.26. The stock had a trading volume of 11,796,297 shares. First Solar has a 1-year low of $24.46 and a 1-year high of $65.99. The stock has a 50-day moving average of $57.81 and a 200-day moving average of $48.29. The company has a market cap of $5.097 billion and a price-to-earnings ratio of 11.79. First Solar also was the recipient of unusually large options trading activity on Monday. Traders purchased 32,763 call options on the stock. This represents an increase of approximately 212% compared to the typical volume of 10,492 call options.
First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, October 31st. The company reported $2.28 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.96 by $1.32. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $988.63 million. During the same quarter in the prior year, the company posted $1.27 earnings per share. The company’s quarterly revenue was up 50.8% on a year-over-year basis. On average, analysts predict that First Solar will post $4.40 earnings per share for the current fiscal year.
First Solar, Inc manufactures and sells photovoltaic (NASDAQ:FSLR) solar modules with an advanced thin-film semiconductor technology, and it designs, constructs, and sells PV solar power systems.
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