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Fly News Breaks for February 21, 2020
Feb 21, 2020 | 08:45 EDT
JPMorgan analyst Paul Coster lowered the firm's price target on First Solar to $76 from $79 and keeps an Overweight rating on the shares. The company posted disappointing Q4 results mainly owing to project slippage, and issued 2020 guidance which captures consensus earnings expectations, but profits are back-loaded in the year and impacted by numerous puts and takes associated with Series 6 transition, Coster tells investors in a research note. He believes First Solar's complexity and ongoing investment activity "obscures an otherwise compelling narrative" relating to Series 6 product transition, improving module margins, and the product roadmap. Further, the company's bookings and pipeline are strong, says Coster.
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