A tale of two analyst comments today on First Solar (FSLR) withSoleil Securities downgrading the stock and Broadpoint Amtechmaintaining its Buy rating and raising the price target to $250 basedon the potential for several catalysts.
Hat tip to StreetInsider for the following analyst notes:
The catalysts highlighted include:
The 2009 Analyst Day: FSLR is scheduled to host an Analyst Day onJune 24 in Las Vegas where we expect management to highlightimprovements in Balance of System (BOS) costs, as well as the costadvantage it enjoys relative to poly-based modules.
Co-financed Project Back into Guidance: “…we believe it is verylikely that FSLR will be able to put its 53MW co-financed project backinto FY09 guidance in 2H09. We believe in broad terms that thisrepresents ~$100M in incremental revenue and ~$0.40 in EPS to theconsensus outlook.”
Sempra 500MW Project in Mesquite, AZ:… “we believe Sempra’s planned500MW PV plant in AZ may be a prime candidate for pull-in. Given FSLR’shistorical relationship with SRE, as well as its LCOE advantage, webelieve the company is a strong candidate to win this business.”Hardyalso said FSLR has significantly underperformed its Chinese brethrensince it last reported earnings at the end of April. As an example, JASolar (Nasdaq: JASO) and Yingli Green (NYSE: YGE) are up 75% and 116% respectively since May 1st, compared to a flat performance from FSLR.
Soleil Securities downgraded FSLR from Buy to Hold but increasedprice target 10 bucks to $170 due to concerns about module oversupplyand pricing. “No change ‘09E $8.10, above consensus $7.14, butreducing ‘10E to $8.25, below consensus E8.75, from $10.27 due tomodule pricing pressure.”
Shares of First Solar are trading flat today.
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