First Solar (FSLR - Get Report) price target raised at Goldman to $105 from $103 following strong Q3 results. Earnings were better than expected and management guidance included lower 2009 tax rates due to Malaysian tax holiday. Maintained Sell rating due to potential cuts to subsidies and oversupply issues in solar industry.
Jones Lang Lasalle (JLL) numbers cut at Morgan Stanley. Shares now seen reaching $55. Estimates also lowered, given the weak backdrop for commercial real estate. Equal-weight rating.
Strategy Calls/Market CallsMerrill cuts estimates on Goldman (GS - Get Report) and Morgan Stanley (MS - Get Report). Estimates were cut for 2009. Companies are seeing weaker banking results, and the recent government financing will dilute earnings. Citigroup (C - Get Report) and JPMorgan Chase (JPM - Get Report) 2009 estimates raised at Merrill. TARP investment should be slightly accretive to earnings.