Oppenheimer analyst Colin Rusch maintained a Hold rating on First Solar (FSLR) today. The company’s shares closed yesterday at $42.45, close to its 52-week low of $36.51.
Rusch said:
“With FSLR guiding 2019 EPS modestly below Street expectations, we believe it has established a solid base to grow from and eliminated a key risk to shares. We are encouraged to see the strong bookings activity and the company’s focus on diversifying its geographic footprint, which we believe is essential for sustainable long- term growth. While we are positively inclined on FSLR shares in the medium and long term, we are cautious on where 1H:19 estimates shake out relative to fundamentals and the potential for heavily back-half weighted earnings to limit near-term upside. We see clarified solar policy in China stimulating demand as a potential catalyst for the group along with realigned expectations for 1H:19 to possibly offer a better than feared trade as we move through early 2019.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 8.4% and a 45.7% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
First Solar has an analyst consensus of Moderate Buy, with a price target consensus of $64.29, which is a 51.4% upside from current levels. In a report issued on December 3, Goldman Sachs also upgraded the stock to Hold with a $46 price target.
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Based on First Solar’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $57.75 million. In comparison, last year the company had a net profit of $206 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.
