Citi Maintains Hold Rating On First Solar

According to Citi, First Solar 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.