First Solar (FSLR) Surges After Impressive Report; Analysts Pound the Table

Shares of First Solar, Inc. (Nasdaq: FSLR) are up over 20% today after reporting better-than-expected Q1 results after the close, with solid guidance. Investor are cheering the report as the company showed they can execute in a tough environment.

First Solar reported Q1 EPS of $1.99, which was well above the analyst estimate of $1.51. Revenue for the quarter was $418.2 million, versus the consensus of $403.36 million.

A number of analysts came out with positive comments on the stock today following the results:

• Piper Jaffray raised its price target from $163 to $180, citing greater visibility to 2009 revenue (90% under contract) and higher-than-expected margin. The firm reiterated their Buy rating.
  
• Gabelli & Co said, "by continuing to drive down the cost per watt, First Solar is maintaining impressive margins while the rest of the industry struggles." They think the stock could be worth $300 per share.
  
• Deutsche Bank was impressed with First Solar's execution, but are more cautious. They said while First Solar is best of breed in the industry, they would not chase the stock right now. They are maintaining a Hold rating.

UPDATE: Click here to see some highlights from the company's Q1 conference call.

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