Citi Maintains Hold on First Solar

Citi is out with its report today on First Solar FSLR, maintaining Hold. In its report, Citi writes, "We continue to feel its project pipeline represents a big earnings hedge, particularly in '12 and '13, when FSLR should earn ~$12 and ~$13/share respectively. While this makes the stock look optically inexpensive, a portion of the cash flows from this pipeline are unsustainable and thus should not get any multiple. On this basis, we continue to see fair value in the $120 range." At the time of posting, shares of FSLR were trading pre-market at $101.26, down 3.06% from Tuesday's close.