S&P Capital IQ Downgrades First Solar from HOLD to SELL

October 28 00:00 2011

New York, October 28 (RainbowNewsLine.com) – Analyst Angelo Zino of S&P Capital IQ has downgraded First Solar (NASDAQ:FSLR) from HOLD to SELL. The target price has been reduced from $60 to $40.

Analyst Angelo Zino, in a research report published yesterday,  mentions that Chairman Mike Ahearn will serve as interim CEO and replace Rob Gillette following the departure of key executives. The analyst views this news as a negative news flow as the company has not provided any reason for the departures. The EPS estimates for 2011 of $7.37 and 2012 of $7.02 are 14% and 27% below the consensus forecasts, the analyst says.