Thursday, December 17, 2009

First Solar: More Analysts Weigh in: Cowen Sees Stock +40% vs. Market; Pacific Crest "Close to Fair Value" (FSLR)

A very mixed bag of opinions. Two from SmallCapPulse:
Analyst Comments – Cowen’s Rob Stone weighed in on First Solar’s (Nasdaq:FSLR) guidance this morning, noting that the company’s guidance should raise confidence. He thinks utility scale projects and 6+ GW in pipeline should be triggers for the stock, seeing 40+% upside for the stock relative to the market in 12 months. He rates the stock at OUTPERFORM....MORE
Pacific Crest’s Mark Bachman commented on First Solar’s (Nasdaq:FSLR) guidance this morning. His headline read “2010 Guidance: Just Enough for Long-Term Investors”. Bachman maintains the stock at SECTOR PERFORM.

Key Takeaways:

· 2011 cap-ex plan supports moderate expansion of capacity (Bachman had estimated $700 million here, with the plan coming in around $500 to $550 million). He said this guidance “should be just enough to keep long-only investors from selling the stock.”

· Stock is fairly valued on 2011 estimated EPS - Bachman has EPS target for 2011 of a little more than $7, and with a 20x multiple, this puts fair value for the stock at just over $140....MORE

Earlier today:
"Raymond James Downgrades First Solar (FSLR) to Outperform" JPMorgan ups Earnigs Forecast (FSLR)
"Lazard Capital Markets ups First Solar profit view" and "EDF taps €1 billion in solar project financing: exclusive use of First Solar modules" (FSLR)