U.S. Solar Demand Strong, First Solar (FSLR) Remains Buy-Rated at Goldman

July 10, 2013 10:25 AM EDT Send to a Friend
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Price: $51.53 +0.96%

Rating Summary:
    11 Buy, 21 Hold, 9 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Solar was in focus this week, as companies and industry watchers met at Intersolar, an event in San Francisco. Companies at the event cited strong U.S. demand and 'sold out' 2013 capacity, noted a report by analyst Brian Lee of Goldman Sachs.

"The companies we met with cited strong US demand across residential, commercial and utility channels, with solid visibility through the balance of 2013 supported by reports of effectively sold out US-specific allocated capacity," said Lee. "Relative to our 2013 estimate of 4.3GW (+30% yoy) of PV demand in the US, this would imply bias to the upside, with our 2014 estimate of 5.1GW (+19%) also appearing conservative given recent momentum."

Pricing also appears to be on solid footing, with module pricing of $0.70-$0.75/W.

"Against a backdrop of solid near-term demand and pricing visibility, we continue to favor project growth in the US trading at reasonable valuations," concluded Lee

Goldman Sachs has a Buy rating on First Solar (NASDAQ: FSLR) with a price target of $62.00

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 $44.92 yesterday.


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