...In a note sent to investors Piper Jaffray writes, "FSLR will present its 2011 guidance during an investor call on December 14. We expect revenue and EPS guidance above consensus of $3.6bn and $8.50. We estimate revenue of $3.9bn and $9.94. Management will likely provide an update on its 2011 project pipeline for 2011 of 500-700mw (PJC 620mw) given investor concern on its ability to execute on its project pipeline.
We conduct a bottoms-up tally of our estimate of 620mw in project business for 2011. We also expect a focus on module pricing, and euro exposure. We believe an estimated 30% of 2011 shipments from its mostly North American-based project business will likely help reduce FSLR's euro exposure and insulate its blended ASP from market pressures."
I've noticed more and more analysts "initiating" on stocks they've previously covered with blown calls.
In that post I commented:
...Piper was part of the FSLR selling group for the 11/06 IPO and the 8/07 follow-on offering.
Same for ReneSola's IPO and a follow-on in June '08.
They were below the bulge again for GT Solar's IPO.
They did part of JASO's 5/08 convert and the 10/07 follow-on, CSIQ's follow-on.
No coverage on the disaster that is Evergreen Solar, for whom Piper participated in three separate offerings.