From Standard & Poor's Equity ResearchTHINKEQUITY DOWNGRADES FIRST SOLAR TO SELL FROM SOURCE OF FUNDS
ThinkEquity analyst Jonathan Hoopes says despite First Solar's (FSLR) industry-leading cost structure, it appears FSLR is not immune from absolute demand destruction that is materializing in the wake of the global economic malaise.
Hoopes notes, in fact, management was clear that the short-term outlook for solar PV industry has never looked more difficult. He expect FSLR's share price to fall hard as investors digest the somber and cautious statements that accompanied management's outlook on its fourth quarter EPS conference call.
He cuts $8.47 2009 EPS estimate to $5.88 and $8.36 2010 to $4.80. He also slashed his $105 price target to $60.
OPPENHEIMER CUTS TARGET FOR WYNN RESORTS
Oppenheimer analyst David Katz says Wynn Resorts' (WYNN) $0.07 fourth quarter adjusted EPS missed his $0.38 and consensus $0.44 estimates.
Katz notes Macau was in line with expectations, while Las Vegas came up short due to lower-than-expected volumes, lower-than-normal table-hold percentage. He believes the downside in Las Vegas outweighs prospects for positive catalysts in Macau. Also, he notes the extent of WYNN's negative operating leverage remains a key uncertainty in his model.
He cuts $1.04 2009 EPS estimate to $0.22 loss and $35 target price to $26. He maintains a perform opinion on the stock.