First Solar (NASDAQ:FSLR) PT Lowered by Auriga

The solar sector is coming under increasing pressure, and even though First Solar (NASDAQ:FSLR) is among the favorite of many analysts, they had their price target lowered on them by Auriga.

Auriga noted, "Following a week of marketing on the East Coast, we believe most investors were looking for an EPS of at least $9.00, but were also concerned with an overriding fear of industry oversupply and the possibility of declining module prices. Management exuded confidence in its ability to provide a detailed four-quarter view of 2011, while also increasing expectations for both revenue and earnings. For us, the 2011 guidance call was a mere formality as we need a look into 2012 to establish a 12-month price target; we continue to regard shares of FSLR as an investment rather than a trading mechanism. While we are adjusting our 2011 estimates higher to be consistent with the new guidance, we are establishing our 2012 estimates as well. Our new price target is $167, which is 15X our 2012 EPS estimate of $11.15."

Auriga maintains a "Buy" rating on First Solar, which closed Wednesday at $135.15, down $1.89, or 1.38 percent. They lowered their price target on them from $175 to $167.