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Piper Jaffray Raises Price Target on First Solar (FSLR) to $280

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February 13, 2008 1:37 PM EST

Piper Jaffray raises its price target on First Solar (Nasdaq: FSLR) from $250 to $280, reiterating its Buy rating, following another beat and raise quarter.

The firm said, "We continue to believe that FSLR is the only solar OEM capable of providing utilities with a solution to meet renewable portfolio standards near term thereby substantially increasing its addressable market and growth prospects. FSLR's products continue to penetrate rooftop markets (~45% in Germany was rooftop), thereby putting to rest the bear case of their rigid substrates. FSLR is targeting a complete ramp up of their 4 Malaysian plants in 4Q09 bringing the company's total
production capacity to 1GW. We do not see any near term threats to FSLR stemming from new entrants into the CdTe market or any other thin film technology."

The firm also said channel checks indicated that FSLR panels generate the best energy yield (highest output per rated watt) with extremely low defect density.