In a note to clients, Wunderlich Securities equity analyst Theodore O'Neill maintained his "Sell" rating on First Solar (Nasdaq:FSLR), the No. 1 company in the world for making solar power modules.
First Solar has been wildly successful in Germany, generating over 50 percent in growth, but that has caused some concern.
O'Neill said, "We don't believe the German growth rate of more than 50 percent is sustainable."
"Overall, we project revenue, gross profit, and earnings growth to slow due to increased competition and as FSLR executes on its system business plan," he added.
So even though shares of First Solar closed Wednesday at $149.27, he drastically lowered his price target to $90.
No comments:
Post a Comment