Cowen Reiterates Outperform on First Solar (FSLR) Ahead of Q2 Earnings
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Cowen & Company reiterates its Outperform rating on First Solar (Nasdaq: FSLR) ahead of the company's Q2 earnings, which are expected out tomorrow, July 30, after the market close. The firm said it sees shares of First Solar trading 40% higher versus the market in 12 months.
The firm believes First Solar's Q2 EPS could reach $0.70, versus the Street consensus of $0.58, if production through its Malaysia 1 comes in ahead of estimates. Cowen notes that if Malaysia 1 "achieved 50% utilization in Q2, we estimate shipments could reach 102MW (vs. our 87MW expected)." The firm sees First Solar's gross margins down from 53% in Q1 to 48% this quarter, "due to the ramp, but this could be partially offset by higher throughput and efficiency in OH and Germany."
Cowen points out recent investor fears in regards to First Solar: supply and demand concerns related to "a reduction in Spain and uncertain U.S. policy." However, the firm believes First Solar's cost leadership position should offset this issue.
First Solar, Inc. designs, manufactures, and sells solar electric power modules using a proprietary thin film semiconductor technology.
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