First Solar (FSLR) PT Lowered to $25 at JMP Securities

JMP Securities lowered its price target on First Solar (NASDAQ: FSLR) to $25.00 (from $31.00) while maintaining a Market Underperform rating following review.

Analyst Joseph Osha commented, "We have completed a detailed review and update of our model for First Solar following a conversation with the company as well as conducting a review of recent filings. We believe First Solar continues to have an effective strategy in place for getting to a cost structure that should allow the company to become more competitive. However, we are still concerned about how difficult the business outlook for 2017 and 2018 looks. It is interesting to note that consensus expectations for 2018 have declined, but the numbers still look a little too high, in our opinion. As FSLR monetizes its remaining backlog of large projects, the company becomes increasingly dependent on sales of panels to third-party developers. That pendulum may swing back the other way in 2019 and beyond, but for now it leaves the company exposed to a brutal pricing environment."

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