Maxim Downgrades First Solar (FSLR) to Sell, Sets $9 Price Target
Maxim Group's Aaron Chew downgraded shares of First Solar (NASDAQ: FSLR) from Hold to Sell Monday morning. The analyst reestablished a $9And to reprise the action:
Chew said, "Though we had reserved hope its project business would prove sustainable, we believe the bull case for FSLR now rests solely on hope not reality. With (1) its competitive advantage gone with poly at $20/kg, (2) normalized system prices of ~$1.55/W yielding 10% gross margin and $1.00 EPS at a $0.55 cost/W, and (3) upside choked off by capacity cuts, FSLR needs a wholesale change in business model and valuation."...MORE
First Solar IPO:......$20.00 Nov. 17, 2006.
Top tick................$317.00 May 14, 2008.
Last....................... $19.32 April 23, 2012.
King of the Insider Sellers, Michael Ahern, former CEO of FSLR, current interim CEO, was able to bail on shares worth $350 Million just between February 2010 and August of 2011.
This brought his total take to $740,609,359.
Mr. Ahern never bought a share of FSLR.
That may be some sort of record.
Total insider trading in FSLR since the IPO:
That may also be a record.
Mr. Ahern remains Chairman and chief lobbyist for FSLR
There was a reason for the choice of the first winner of the Climateer "Our Hero" award back in April 2007:
The 26th Secretary of War, the Democrat and Republican (!) Senator from Pennsylvania, Simon Cameron:
"The honest politician is one who
when he is bought, will stay bought."