Tuesday, April 27, 2010

"Auriga Sees First Solar Entry Point Coming" (FSLR)

As a follow-up to "Earnings Heads-up: "Bachman and Stone - Contrasting Views on First Solar Q1 Earnings for Tomorrow" (FSLR)", a bit more detail on Auriga's Mark Bachman's comments.

From Benzinga:

Auriga analyst Mark W. Bachman maintained his Hold rating and $143 price target for shares of First Solar, Inc. (Nasdaq: FSLR).

Bachman wrote that he thinks Wall Street estimates are overestimating First Solar's 1st quarter revenue, while underestimating the company's 2nd quarter prospects.

The analyst said that he believes the stock will fall after First Solar reports its 1st quarter financial results and that it will be a good entry point, as the stock should go up 3 months later when First Solar releases its 2nd quarter results.

Auriga analyst wrote, "we continue to believe the Street is being too pessimistic with regard to 2H10 module demand and First Solar’s pricing power, and is underestimating both revenue and EPS in 2010. We are $87 million in revenue and $0.34 in EPS above the Street and expect consensus estimates to move higher as the 2H10 demand picture begins to solidify....MORE