Wednesday, December 8, 2010

UPDATED: What First Solar Will Say on the Dec. 14 Guidance Conference Call (FSLR)

Important Update: "Selling First Solar (FSLR)"
Original post:
Management has already stated that they are at capacity, for more here's Piper Jaffray via Benzinga:

...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."
We had Piper's "inititiation" back in September: 
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.