Shares of solar module manufacturer First Solar (FSLR - Free Report) were down over 8% in morning trading Thursday following a rating downgrade and a hefty price target cut from analysts at Deutsche Bank.
Deutsche Bank cut its rating to “hold” from “buy” and slashed its price target for the stock to $44 from $80. The firm blamed the downgrade on sluggish bookings, a likely upcoming pause in demand, and pricing pressure from competitors in international segments.
"Even though FSLR remains one of the best run companies in our coverage, we believe it would be difficult for management to grow earnings amidst some of the expected near term headwinds," Deutsche Bank said in a note today.
Deutsche Bank now holds an estimate of just $1.50 per share for First Solar’s 2017 earnings. The current Zacks Consensus Estimate for the company’s 2017 earnings is $3.14 per share.
It’s also important to note that the firm cuts it price target by 45%, and its new target of $44 per share was about $5 less than First Solar’s closing price on Wednesday.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Shares of solar module manufacturer First Solar (FSLR - Free Report) were down over 8% in morning trading Thursday following a rating downgrade and a hefty price target cut from analysts at Deutsche Bank.
Deutsche Bank cut its rating to “hold” from “buy” and slashed its price target for the stock to $44 from $80. The firm blamed the downgrade on sluggish bookings, a likely upcoming pause in demand, and pricing pressure from competitors in international segments.
"Even though FSLR remains one of the best run companies in our coverage, we believe it would be difficult for management to grow earnings amidst some of the expected near term headwinds," Deutsche Bank said in a note today.
Deutsche Bank now holds an estimate of just $1.50 per share for First Solar’s 2017 earnings. The current Zacks Consensus Estimate for the company’s 2017 earnings is $3.14 per share.
It’s also important to note that the firm cuts it price target by 45%, and its new target of $44 per share was about $5 less than First Solar’s closing price on Wednesday.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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