From Tech Trader Daily:
First Solar Crushed; Merrill, Caris, Gabelli Downgrade
First Solar (FSLR) shares are getting absolutely crushed today, after a disappointing Q3 earnings report and weaker Q4 guidance. The combination triggered some extremely bearish Street commentary, and spurred at least three analysts to issue downgrades.
- Bank of America/Merrill Lynch analyst Steven Mliunovich cut his rating on the stock to Neutral from Buy, with a new price target of $135, down from $180. He chopped his 2010 EPS estimate to $7.22, from $6.25. “It’s difficult to see upside catalysts given concerns regarding pricing and the German feed-in tariff along with the company’s limited ability to increase production if demand surprises on teh upside.,” he writes. “We see four quarters of year-over-year earnings declines, not typically good for stock performance.”>>>MORE