First Solar (FSLR) PT Raised to $73 at Needham & Company as Yieldco IPO Prices Strong

Needham & Company analyst Y. Edwin Mok reiterated a Buy rating and bumped his price target on First Solar (NASDAQ: FSLR) to $73.00 (from $69.00) as the IPO for joint yieldco with SunPower (NASDAQ: SPWR), 8point3 (NASDAQ: CAFD), priced at the high end of the range at $21/sh.

Mok commented, "With the successful IPO of its joint yieldco with SPWR [N/R], 8point3 Energy Partners LP [CAFD, N/R], FSLR joined other large project developers (most notably SUNE [Buy]) in becoming a GP for renewable assets. 8point3 is uniquely positioned as a solar-only yieldco with joint sponsorships by two of the largest solar developers in the world. We believe FSLR's mixed model of leveraging yieldco, direct sell and 3rd party modules might extract less value out of its pipeline, but ensure a more longer-term sustainable business."

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 $51.98 yesterday.

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