First Solar initiated with a Neutral at Seaport Research

Seaport Research initiated coverage of First Solar (FSLR) with a Neutral rating and no price target While confident that future orders will be there to fill rising capacity based on First Solar’s end-Q3 backlog and mid-to-late stage pipeline of opportunities, the stock faces “several near-term uncertainties and risks” and is already discounting a 20% premium to its comp group, the analyst tells investors. To step off the sidelines, the firm would prefer to see the company confirm that U.S. project delay risks are easing, the analyst added.