In a report released yesterday, Colin Rusch from Oppenheimer assigned a Hold rating to First Solar (NASDAQ: FSLR). The company’s shares closed yesterday at $53.67.
Rusch wrote:
“FSLR posted disappointing 2Q:18 financial results due to project delays while executing well on bookings activity and furthering its Series 6 capacity ramp. Guidance was modestly positive in our view as FSLR expects to exit 2018 with more cash than previous anticipated. We believe investors are focused on the profitability of the long-term model and will be encouraged to see the steady progress on Series 6 including conversion efficiency gains as well as solid bookings activity after the Section 201 ruling. However, we believe module price pressure in recent months will continue to weigh on profitability projections and may extend timing on incremental capacity additions. We remain on the sidelines as we believe upside scenarios will be challenging to realize and expect choppy NT trading.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 15.7% and a 48.9% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for First Solar with a $74.20 average price target.
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Based on First Solar’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $82.95 million. In comparison, last year the company had a net profit of $51.96 million.
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First Solar, Inc. engages in designing, manufacturing, marketing, and distribution of photovoltaic solar power systems and solar modules. It operates through the Components and Systems segments. The Components segment involves in the design, manufacture, and sale of cadmium telluride solar modules, which convert sunlight into electricity.
