Credit Suisse Assigned a Hold Rating to First SolarBy Jason Carr
In a report released today, Patrick Jobin from Credit Suisse assigned a Hold rating to First Solar (NASDAQ: FSLR), with a price target of $50. The company’s shares closed last Friday at $32.06, close to its 52-week low of $30.85.
According to TipRanks.com, Jobin is ranked 0 out of 5 stars with an average return of -11.3% and a 34.6% success rate. Jobin covers the Technology sector, focusing on stocks such as SunPower Corp, Silver Spring, and SunEdison Inc.
Currently, the analyst consensus on First Solar is Hold and the average price target is $45.50, representing a 41.9% upside.
In a report issued on November 3, Oppenheimer also downgraded the stock to Hold.
Based on First Solar’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $688 million and quarterly net profit of $154 million. In comparison, last year the company earned revenue of $1.27 billion and had a net profit of $349 million.
Based on the recent corporate insider activity of 108 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FSLR in relation to earlier this year.
First Solar, Inc. operates as a solar energy solutions company. It engages in the designing, manufacturing, marketing and distribution of photovoltaic solar power systems and solar modules with an advanced thin-film semiconductor technology. The company operates in two business segments: Components and Systems. The Components segment designs, manufactures and sells solar modules primarily to solar project developers and system integrators. The Systems segment provides a complete solar power system solution, which includes project development, engineering, procurement and construction services, operating and maintenance services. It also develops sites for building solar power systems using solar modules and provides a complete solar power system solution, which includes project development, engineering, procurement and construction services, operating and maintenance services. The company was founded by Michael J. Ahearn in 1999 and is headquartered in Tempe, AZ.