Barclays Maintains an 'Equalweight' on First Solar (FSLR); Mixed Results, Guidance

February 25, 2011 1:27 PM EST Send to a Friend
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Price: $56.44 +0.30%

Rating Summary:
    11 Buy, 21 Hold, 9 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Barclays maintains an 'Equalweight' on First Solar (NASDAQ: FSLR), PT $144.

Barclays analyst says, "Investors were expecting First Solar to beat Q4 results, maintain 2011 guidance. Against this backdrop, Q4 results were somewhat disappointing. Q4 EPS was modestly above consensus, but revenues were below consensus/guidance, despite higher production volumes. 2011 EPS guidance was raised, but the revenue guidance range was lowered, due to a lower EPC revenue contribution (Chinese Ordos project converted from EPC to module sale). The EPS guidance boost was also probably due to a positive FX impact and lower tax rate/start-up expense assumption. We give high marks to FSLR for strong operational performance, but remain concerned about the increasing risks associated with total available market in the EU. Shares are trading at a premium to Chinese peers and we expect its relative valuation premium to decrease. Buy-side estimates could probably move slightly higher, but room for further positive estimate revisions is limited. At these levels, most of the upside to shares would have to come from multiple expansion, in our view." (Barclays raises FY11 EPS estimate from $9.15 to $9.60)

For more ratings news on First Solar click here and for the rating history of First Solar click here.

Shares of First Solar closed at $164.68 yesterday.


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