Collins Stewart Upgrades First Solar (FSLR) to Buy; Profits Expected from Systems Division

Collins Stewart upgraded First Solar (NASDAQ: FSLR) from Neutral to Buy with a price target of $120.00.

Collins analyst says, "The following factors have led to this move: 1) FSLR’s share price has declined and now reflect some of the risks that led to our downgrade to Neutral following 1Q11 earnings (May 5, 2011). 2) Based on our CY12 forecast, FSLR’s P/E has declined to 7,4x and converged with its peers after a long period of trading with a premium valuation. 3) FSLR’s backlog of highly profitable utility-scale solar has firmed with the sale of Agua Caliente (August 5) and three of its other large projects receiving conditional DoE loan guarantees. 4) FSLR having received over the past month additional EPC contracts from Sempra Generation and NRG Energy for large solar projects in NV and CA."

For more ratings news on First Solar click here and for the rating history of First Solar click here.

Shares of First Solar closed at $96.49 yesterday.

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