First Solar (FSLR) Reported a Strong EPS Beat in 3Q; Baird Reiterates Outperform

Baird reiterated an Outperform rating and $69.00 Price Target on First Solar (NASDAQ: FSLR) following the company's 3Q earnings results. FSLR reported record revenue of $1.27B vs. consensus estimates of $1.11B. Non-GAAP EPS was $3.38 vs. $1.64 consensus. FSLR guided to 2015 sales of $3.5B to $3.6B and EPS of $4.30 to $4.50 vs. consensus estimates of $3.56B and $3.45, respectively.

Analyst Ben Kallo commented, "FSLR beat estimates across the board with strong margin from Desert Stateline, has YTD bookings of 3.1 GW, and is fully allocated through 2016. Additionally, FSLR booked >1 GW of U.S. projects with COD dates in 2017+, displaying continued U.S. demand after the ITC steps down. We continue to believe FSLR’s balance sheet, large international pipeline, and leading CdTe technology position the company for significant growth. We remain aggressive buyers at current levels."

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 $50.99 yesterday.

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