Friday, October 31, 2008

First Solar Target Raised from $103 to $105 at Goldman Sachs, Cramer Confused (FSLR)

FSLR was up 24.47% yesterday to $144.07. From
...First Solar (FSLR Quote - Cramer on FSLR - Stock Picks) price target raised at Goldman to $105 from $103 following strong Q3 results. Earnings were better than expected and management guidance included lower 2009 tax rates due to Malaysian tax holiday. Maintained Sell rating due to potential cuts to subsidies and oversupply issues in solar industry.
On October 6, 2008 Goldman downgraded First Solar from Buy to Conviction Sell and lowered their price target from $365 to $103. I, being a cynic, opined that Goldman and other insiders had completed their selling.
On Tech Trader Daily's post "First Solar: Q3 Beats; Signs $800M In Deals; Stk Shines" I commented:

Somewhere in the city,
an analyst just crapped his pants.

Comment by Climateer - October 29, 2008 at 6:22 pm

Jim Cramer went on record Oct 23:

Cramer's Solar Stock Sells: Is it time to sell solar stocks? On last Thursday's "Stop Trading!" segment, Cramer told viewers: "It's over! Duke Energy (DUK) had to cut back in solar." Cramer's Solar Stock Sells include First Solar (FSLR). Source
...He didn't have anything better to say about solar stocks. "It's over!" he said. "Duke Energy had to cut back in solar. SunPower(SPWRA Quote - Cramer on SPWRA - Stock Picks)? No thank you. " He didn't like Applied Materials(AMAT Quote - Cramer on AMAT - Stock Picks) on the basis of its solar division, either....