I posted earlier about FBR Research and Piper Jaffray maintainingtheir ratings on First Solar (FSLR) ahead of earnings and Broadpoint ischiming in with a maintain as well. They have a Buy rating and $165price target on FSLR and are holding to it through earnings onThursday. Hat tip to Street Insider for the following analyst comment:
“FSLR is scheduled to report 4Q09 results on Thursday, after themarket close. We anticipate healthy results and maintenance of 2010guidance. We forecast $594M in revenue (consensus $579M), pro forma EPSof $1.63 (consensus $1.50), shipments of 290MW, a module ASP $1.70/w,and $100M of systems revenue. Pro-forma EPS excludes $26.5M in one-timecharges associated with severance/executive compensation and the Optitransaction….2Q10 Metrics: We forecast $533M in revenue (consensus$556M), pro forma EPS of $1.70 (consensus $1.65), shipments of 310MW, amodule ASP $1.64/w, and $23.5M of systems revenue. We anticipate thatFSLR will report better than expected results for 4Q09, and that 1Q10consensus estimates may be conservative. While we have plenty ofconcerns regarding 2010 (oversupply, FX, utility timing), we believeFSLR will outperform through uncertainty given its industry leadingcost structure and earnings growth potential for 2011 associated withcapacity ramp.”
Shares of FSLR are up about 1% today and the area around 110 is looking like a strong level of support.