Morgan Stanley Comments On First Solar's Q1 Results (FSLR)

Morgan Stanley commented on First Solar FSLR, after the company announced its Q1 results, in a research report published today. In the report, Morgan Stanley states, "We are starting to turn more constructive on FSLR after the recent underperformance in the shares. We believe consensus expectations for solar ASPs has moved closer to our global team's below consensus estimates (See “Solar 2011: Lower Shipments and Lower Prices”, published February 7th, 2011) post-recent profit warnings and negative guidance revisions by companies that have reported so far. It is apparent that demand disruption due to policy uncertainty in Italy has led to increased inventory levels and lower than expected module pricing for the industry, especially on the back of aggressive capacity expansion by Asian players." Morgan Stanley currently has an Equal-weight rating on First Solar. In yesterday's trading, First Solar lost 2.09% to close the day at $134.66. Its losing streak continued in today's pre-trading session as well, as its shares lost further 6.99% to trade at $125.25.