Citi Maintains Hold Rating On First Solar

According to Citi, First Solar (NASDAQ: FSLR) Hold rating is maintained.

Citi said that, with the credit committee having met last week, it expects the DOE to announce conditional commitments - possibly as early as this week - to 2, and perhaps all 3, of FSLR's outstanding loan apps. “Last week's DOE award to a large solar rooftop project fueled concerns about how much money remains for FSLR. We think these concerns have again set the stock up well for a bounce this week. LT, we maintain our Hold (2S) rating and $130 target based on a SOTP valuation that values the core merchant module business at ~12x core EPS of ~$8.50 and the NPV of the EPC pipeline at ~$25.”

First Solar closed on Friday at $116.56.