Well that was lucky. On Tuesday, pre-market, we called* for an intermediate term low on the stock.
[in the headline no less -ed]
It traded down to $100.19. Today it closed at $109.36 +6.29. As I said in the second FSLR post** of the day:
...my best guess is that near-term all the sellers who want out, are out.I forgot about MS. Good thing their call came on a decent up day. Here's SmarTrend:
Morgan Stanley analysts are reduce their 2010, 2011 and 2012 EPS estimates for First Solar (NASDAQ:FSLR) to reflect a weaker euro to dollar FX outlook.Previously:
The bank reduced its 2010 EPS estimate by 4%, its 2011 EPS estimate by 10%, and its 2012 EPS estimate by 8%.
Analysts Smittipon Srethapramote and Joshua Paradise said, "Solar stocks have corrected sharply over the past month due to the decline in Euro/$ FX, concerns about macroeconomics conditions in Europe, and also concerns about regulatory risk in Europe. At current levels, we believe that significant concerns have been priced in and view the risk/reward as favorable and would recommend investors to accumulate the stock on weakness."
The bank sees fiscal 2010 EPS of $7.01, vs. consensus estimates of $6.95 per share, and fiscal 2011 EPS of $8.04, vs. consensus estimates of $7.66 per share.
*Hapoalim Cuts First Solar Target to $65 on Cadmium Telluride Risk; It Won't Matter and Probably Sets an Intermediate Low (FSLR)
* *"Citi Maintains a 'Hold' on First Solar (FSLR); Cutting 2010 EPS & Price Target on FX Weakness" (FSLR)
Part II: Solar’s Big Question: What Happens in the Second Half? (FSLR; SPWRA; STP; TSL) It's the Euro and the Politicians