First Solar Full-Year Results Show Continued Need for Production Growth
We are reaffirming our $49 fair value estimate and no-moat and stable moat trend ratings for First Solar after the company reported $2.9 billion of net sales and $2.59 in adjusted earnings per share in 2017. Net sales were about flat with 2016 and in line with our expectations.Management provided updated 2018 guidance that moved up in line with our expectations. We are reaffirming our outlook. Our $2.5 billion net sales estimate was at the high end of management's initial guidance late last yea...
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