Auriga Maintains a 'Buy' on First Solar (FSLR); The Antelope Raises its Head Again
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Price: $51.55 -0.06%
Rating Summary:
4 Buy, 23 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
4 Buy, 23 Hold, 11 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade FSLR Now!
Auriga maintains a 'Buy' on First Solar (NASDAQ: FSLR) price target of $53.00.
Auriga analyst says, "First Solar filed an 8-K after the market close yesterday with an update on Antelope Valley Solar Ranch (AVSR1) project financing. Recall, First Solar's sale of 230MW (AC) AVSR1 project in northern Los Angeles County to Exelon Corporation on 9/30/11 after the Department of Energy (DoE) approval of a loan/loan guarantee of up to $646M. Advances under the DoE loan are contingent on various conditions. This includes items such as delivery of various certificates, lien waivers, and legal opinions, delivery of an equity letter of credit, bring-down of various plans, budgets, reports, and DoE's ongoing right of due diligence. Initial funding of the DoE loan for AVSR1 has been held up pending an outstanding construction permit issue. Construction of the project itself has not stopped with the first phase expected to come online in late 2012 and full operation set for late 2013. First Solar and Exelon (NYSE: EXC) have agreed to extend the timeframe for initial funding of the loan to 2/24/12; they can extend it again if they wish. If 2/24/12 time line is not extended, then First Solar would repurchase AVSR1 (for ~$75M) as per the terms, and then is free to resell the project. We believe Exelon will NOT exit AVSR1 over minor issues like a construction permit. AVSR1 is a large, viable, prestigious, and controversial (due to local resistance, compensation and development cost issues) solar project. We expect it to proceed..
For an analyst ratings summary and ratings history on First Solar click here. For more ratings news on First Solar click here.
Shares of First Solar closed at $49.03 yesterday, with a 52 week range of $29.87-$175.45.
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Auriga analyst says, "First Solar filed an 8-K after the market close yesterday with an update on Antelope Valley Solar Ranch (AVSR1) project financing. Recall, First Solar's sale of 230MW (AC) AVSR1 project in northern Los Angeles County to Exelon Corporation on 9/30/11 after the Department of Energy (DoE) approval of a loan/loan guarantee of up to $646M. Advances under the DoE loan are contingent on various conditions. This includes items such as delivery of various certificates, lien waivers, and legal opinions, delivery of an equity letter of credit, bring-down of various plans, budgets, reports, and DoE's ongoing right of due diligence. Initial funding of the DoE loan for AVSR1 has been held up pending an outstanding construction permit issue. Construction of the project itself has not stopped with the first phase expected to come online in late 2012 and full operation set for late 2013. First Solar and Exelon (NYSE: EXC) have agreed to extend the timeframe for initial funding of the loan to 2/24/12; they can extend it again if they wish. If 2/24/12 time line is not extended, then First Solar would repurchase AVSR1 (for ~$75M) as per the terms, and then is free to resell the project. We believe Exelon will NOT exit AVSR1 over minor issues like a construction permit. AVSR1 is a large, viable, prestigious, and controversial (due to local resistance, compensation and development cost issues) solar project. We expect it to proceed..
For an analyst ratings summary and ratings history on First Solar click here. For more ratings news on First Solar click here.
Shares of First Solar closed at $49.03 yesterday, with a 52 week range of $29.87-$175.45.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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