Auriga reiterates a 'Buy' on First Solar (FSLR); DoE Loan Guarantees Aid Revenue & Earnings Visibility
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Price: $225.56 +0.84%
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Auriga reiterates a 'Buy' on First Solar (NASDAQ: FSLR) price target of $120.00.
Auriga analyst says, "Prior to market close on Friday (9/30), U.S. Department of Energy (DoE) announced final approvals of loan guarantees for First Solar's Desert Sunlight Solar Farm (550MW AC) and Antelope Valley Solar Ranch One (230MW AC) projects. These loan guarantees along with the one received earlier for the Agua Caliente Solar Project (290MW AC) set the stage for ~1.4GWp in module shipment visibility through 2014 as First Solar has now sold all three projects. Our revenue and EPS estimates stay intact."
"First Solar has a large project pipeline . Its pipeline includes 1,300 MW AC with power purchase agreements in place (inclusive of the 550MW AC Topaz Solar project - likely to be sold to Enbridge without a DoE loan guarantee) that should add an additional ~1.7GWp in module shipment visibility through 2014. This combined ~3.1GWp in U.S. module shipments along with additional demand in India, Canada, Australia, Middle East and China gives First Solar an unmatched advantage. For reference First Solar's manufacturing capacity is expected to be ~2.1GWp by year-end 2011, and ~3GWp by year-end 2012."
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 $63.21 yesterday.
Auriga analyst says, "Prior to market close on Friday (9/30), U.S. Department of Energy (DoE) announced final approvals of loan guarantees for First Solar's Desert Sunlight Solar Farm (550MW AC) and Antelope Valley Solar Ranch One (230MW AC) projects. These loan guarantees along with the one received earlier for the Agua Caliente Solar Project (290MW AC) set the stage for ~1.4GWp in module shipment visibility through 2014 as First Solar has now sold all three projects. Our revenue and EPS estimates stay intact."
"First Solar has a large project pipeline . Its pipeline includes 1,300 MW AC with power purchase agreements in place (inclusive of the 550MW AC Topaz Solar project - likely to be sold to Enbridge without a DoE loan guarantee) that should add an additional ~1.7GWp in module shipment visibility through 2014. This combined ~3.1GWp in U.S. module shipments along with additional demand in India, Canada, Australia, Middle East and China gives First Solar an unmatched advantage. For reference First Solar's manufacturing capacity is expected to be ~2.1GWp by year-end 2011, and ~3GWp by year-end 2012."
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 $63.21 yesterday.
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