First Solar Fundamentals Likely To Come Under Pressure In 2023, Analyst Downgrades Stock With 66% Price Target Cut

First Solar基本面2023年可能承壓，分析師下調股票評級，目標價下調66%

Benzinga Real-time News · 2022/12/07 02:05

GLJ Research analyst Gordon Johnson downgraded First Solar Inc (NASDAQ:FSLR) from Buy to Sell and lowered the price target from $138.4 to $46.8.
FSLR's most recent quarter was nothing short of a disaster across the board, Johnson noted.
Still, FSLR has been among the best-performing solar stocks of 2022, despite its negative FCF for four consecutive quarters amid the best solar module pricing environments since 2011, which the analyst feel is in the process of reversing.
Well, in short, 2022 has been a year defined by "euphoric tall tale optimism," like the passage of Biden's "Build Back Better" bill and every decision on any government policy being deemed by the sell-side a "huge positive."
However, 2023E is a year where FSLR will have to show and prove, aggravated by contracts with flexible pricing (and volumes), likely collapse in poly-Si prices, and heightened competition. The analyst expects FSLR's fundamentals to come under increased pressure through 2023E.
As such, given FSLR has sold off its most profitable divisions and projects, the analyst re-modeled the company's estimates.
Price Action: FSLR shares traded lower by 4.03% at $160.40 on the last check Tuesday.

GLJ研究分析師戈登·約翰遜下調評級第一太陽能公司(納斯達克股票代碼：FSLR)從買入到賣出，並將目標價從138.4美元下調至46.8.
約翰遜指出，FSLR最近一個季度簡直是一場災難。
儘管如此，FSLR一直是2022年表現最好的太陽能股票之一，儘管在自2011年以來最好的太陽能組件定價環境中，FSLR連續四個季度出現負FCF，分析師認為這種情況正在逆轉。
簡而言之，2022年被定義為“令人興奮的傳奇樂觀主義”的一年，比如拜登的“重建更好”法案的通過，以及賣方認為任何政府政策的每一個決定都是“巨大的積極”。
然而，2023年將是FSLR必須展示和證明的一年，靈活定價(和數量)的合同、多晶硅價格可能暴跌以及競爭加劇加劇了這一點。該分析師預計，到2023年，FSLR的基本面將面臨更大壓力。
因此，鑑於FSLR已經出售了最賺錢的部門和項目，這位分析師重新模擬了該公司的估計。
價格行動：在週二的最後一次檢查中，FSLR的股價下跌了4.03%，至160.40美元。

譯文內容由第三人軟體翻譯。

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