Three from StreetInsider:
Merriman Curhan Ford Downgrades First Solar to Neutral; 2H10 Outlook Uncertainty
Merriman Curhan Ford downgrades First Solar, Inc. (FSLR) from Buy to Neutral.And:
Merriman analyst says, "We are downgrading to Neutral given the uncertain business outlook in 2H10 despite a strong 4Q09 and management reaffirming its 2010 earnings guidance. Solar module makers are expected to face revenue and margin volatility as a result of changing conditions in overcapacity and FiT policies. (We would note that solar inverters such as Power-One (PWER) (Buy-rated) are less susceptible to such factors given current inverter shortages and represents an installed unit play versus installed modules that depends on price.) As a result, we believe FSLR shares remain range bound ($117-129)...We are reducing our FY10 revenue estimate to $2.75B from $2.80B and our EPS to $6.15 from $6.45, along with cutting to our FY11 EPS estimate to $7.70 from $8.25 (consensus at $7.85)."
transcript of the conference call. I'll have more later today.