Analyst coverage on First Solar Inc. (NASDAQ:FSLR) has been updated by Sanjay Shrestha, Managing Director, Senior Analyst, Alternative Energy & Industrials at Lazard Capital Markets:
- Today Lazard has maintained its Buy rating on First Solar shares, although the research note discusses a higher target and higher estimates: price target raised from $115 to $125, which reflects 30x modestly raised 2010E EPS of $5.00 and discounted back 20% for a year.
First Solar recently announced the signing of 625MW of long-term contracts worth approximately $1.1 billion between 2007 and 2012; FSLR now has visibility on 2.8GW or about $5.5 billion in sales or average annual sales visibility of 565MW per year till 2012. This research note follow’s last week’s news that it was building a new plant in Malaysia and follows last week’s note on how the company was a beneficiary of quarter-end Window Dressing. Shares are actually up about 4% at $123.00 after the open.
Jon C. Ogg
October 1, 2007