Wolfe Research analyst Steve Fleishman has reiterated their neutral stance on FSLR stock, giving a Hold rating today.
Steve Fleishman has given his Hold rating due to a combination of factors related to First Solar’s recent financial performance and market dynamics. First Solar reported a strong first quarter with net sales exceeding expectations, due to higher volumes sold at increased average selling prices (ASPs). Despite this, there were concerns regarding lighter bookings, which were anticipated, and guidance for the fiscal year remained largely unchanged except for a projected decrease in net cash balance. These factors indicate a solid but not overly exceptional performance, leading to a cautious outlook.
Additionally, the report highlights the significant attention given to the Anti-dumping and Countervailing Duties (AD/CVD) case, which could potentially benefit First Solar by improving the pricing environment. However, the market is still grappling with an influx of low-cost Chinese panels, which could pressure pricing despite the reinstatement of the Approved List of Module Manufacturers (ALMM) in India. With these market conditions and the potential for an anti-dumping case in India, there remains a level of uncertainty around First Solar’s position. As a result, the estimated fair value range was narrowed, and the Peer Perform rating was maintained, reflecting a neutral stance on the stock’s potential for outperformance.
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First Solar (FSLR) Company Description:
First Solar, Inc. engages in designing, manufacturing, marketing, and distribution of photovoltaic solar power systems and solar modules. It operates through the Modules and Systems segments. The Modules segment involves in the design, manufacture, and sale of cadmium telluride solar modules, which convert sunlight into electricity. The Systems segment offers development, construction, operation, and maintenance of photovoltaic solar power systems. The company was founded by Michael J. Ahearn in 1999 and is headquartered in Tempe, AZ.
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