- First Solar (FSLR -6%) remains lower but off its early morning bottom, with analysts offering mixed reactions to FSLR's sharply downside 2017 guidance as the company announced plans to completely phase out its current production of the Series 4 module and cancel Series 5 while accelerating production of Series 6.
- Mizuho reiterates its Neutral rating but cuts its price target to $30 from $46, saying the improved cost and efficiency performance of S6 supports FSLR's decision but the transition is expected to last until H2 2018, with most of the benefits of S6 not realized until 2019 even in the best case scenario.
- Credit Suisse (SIX:CSGN) also affirms its Neutral rating while slashing its price target to $30 from $50, saying "the task ahead is daunting and will require near flawless execution... while there could very well be earnings power on the back-end, there is not much yet to point to say with confidence that it will happen."
- Baird analysts are a bit more optimistic, reiterating an Outperform rating and $33 target, recommending long-term investors buy shares on weakness in the belief that FSLR is the best positioned for long-term growth given its balance sheet, cost profile and technology.
- FSLR even gets an upgrade - to Market Perform from Underperform - at JMP Securities on valuation, which says the company's saving grace may be its large cash stockpile, as it expects to have a net cash balance of $1.4B-$1.6B at the end of FY 2017.
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