Wedbush Ups Target on First Solar to $260; Maintains Hold (FSLR)
When they made the call this morning, the stock was down $7.00 pre-market, having closed yesterday at $291.99. It's now down $26.00. Is $260 the target you are supposed to hold to?What are we supposed to do when it gets to $260? It's at $264 right now.
Here's the story from StreetInsider:
Wedbush Morgan raises its price target on First Solar (Nasdaq: FSLR) from $250 to $260 and maintains a Hold rating.
The firm believes that First Solar's presence in the U.S. utility market could be a major opportunity, but notes that this market "remains in its infancy today."
Wedbush adjusted its GAAP EPS estimates on First Solar: FY08 goes from $2.54 to $2.78, versus the Street consensus of $2.53, FY09 goes from $5.10 to $5.06, versus $5.12, and FY10 goes from $6.56 to $6.76. With First Solar's "above market growth prospects over the mid-term", Wedbush believes the stock "should trade at the high end of the mid-term industry growth rate of approximately 30-35%."
The firm notes that its $260 price target on First Solar is based on 35x its FY10 non-GAAP EPS estimate of $7.49....
