North Coast Solar Stocks

June 25, 2009

First Solar: Canaccord Downgrades Post-Analyst Meeting

Filed under: FSLR — Tags: , , , — Jason @ 9:53 am

Posted by Eric Savitz

First Solar (FSLR) shares are losing ground this morning on investor disappointment over the company’s meeting with analysts yesterday.

Canaccord Adams analyst Jonathan Dorsheimer this morning cut his rating on the stock to Hold from Buy, while keeping his $180 price target. The stock closed yesterday at $171.19.

“The company laid out ambitious targets with respect to module efficiency and throughput, but alluded to little else in the way of some of the positive announcements we were looking for,” he writes in a research note.

“First Solar remains the leading solar company, in our opinion; however, the company issued fairly ambitious targets with respect to the project pipeline and technology advances, and a lack of visibility into further positive catalysts remains,” Dorsheimer writes. He notes that First Solar’s business model and financial model are changing fairly significantly, with the company focused on lower gross margins likely higher absolute income. “While the company has finally properly set expectations, we believe that the decreasing margin profile may turn some investors off until the higher income and cash flows actually materialize.”

FSLR today is down $7.98, or 4.7%, to $163.21.

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