Pac Crest Chops FY13 EPS Outlook on First Solar (FSLR); Says Bookings 'Unlikely' to Keep Pace with Deployments;

First Solar, Inc. (Nasdq: FSLR) shares are dipping as Pacific Crest lowers earnings expectations based on recent project development expectations versus bookings pace.

Pac Crest curt FY13 EPS expectations "well below" the consensus, believing that bookings are unlikely to keep pace with project deployments.

According to the analyst, cash value of First Solar's pipeline is at about $10 per share. Combined with net cash of about $6 per share, you get a floor price of $16, which is 29 percent below Thursday's close at $22.57.

Based on the valuation, Pac Crest lowered FY13 EPS estimate from $3.65 to $2.87, while the Street is at $4.03. Revs move from $3.4 billion down to $2.84 billion, with consensus expectations at $3.62 billion.

Pac Crest currently rates First Solar at Sector Perform. Shares are down 3 percent in early trading.

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