First Solar (FSLR) PT Raised to $75 at Needham & Company

Needham & Company analyst Y. Edwin Mok reiterated a Buy rating and boosted his price target on First Solar (NASDAQ: FSLR) to $75.00 (from $70.00) following Q4 results and the YieldCo JV with SunPower.

Mok commented, "FSLR reported a mixed 4Q14 due to its decision on retaining partial interests in the Solar Gen 2 project, as part of its effort to move forward with a yieldco. With the announced negotiations between FSLR and SPWR to form a joint yieldco, we are not surprised by the lowered 1Q15 guidance, and we expect the Street's estimates will remain volatile until management provides some clarity on the yieldco. Clearly, we are encouraged by the decision to embark on a yieldco, but additionally, we believe management is executing its prior plans on project pipeline development, increasing efficiency and capacity expansions. The yieldco strategy coupled with FSLR's strong market position and a well capitalized balance sheet should enable FSLR to extract significant value from the joint yieldco."

The firm lowered FY 2015 EPS form $1.91 to $0.35 and FY 2016 EPS from $5.40 to $0.10.

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 $54.70 yesterday.

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