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SmarTrend(R) News Watch: Barclays Lowers Price Target On First Solar
Jul 06, 2009 (SmarTrend(R) News Watch via COMTEX) --
Barclays Capital lowered their estimates and price target for First Solar (NASDAQ:FSLR), stating "channel inventory still a problem due to challenging financing environment and weak demand from German wholesale segment." Barclays went on to say, "We are lowering our price target to $175 on lower valuation multiple to reflect uncertainty with respect to industry shipments and pricing. Our new price target is based on 20x 2010 EPS of $9.75 discounted by 12%. Our prior price target was based on 22.5x 2010 EPS of $9.75 discounted by 15%."
Write to Chip Brian at cbrian@tradethetrend.com
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