First Solar (FSLR) Gets a Boost From UBS

Shares of First Solar, Inc. (Nasdaq: FSLR) are benefiting today from a major upgrade at UBS. Shares are up 2.4 percent to $128.

UBS analyst Stephen Chin upgraded First Solar from Hold to Buy and raised their price target from $136 to $150.

The firm now estimates 2010 and 2011 global solar demand will be 16.4GW and 19.2GW, up sharply from their prior estimates of 12.4GW and 15.0GW respectively.

A potential sale of the Agua Caliente project and estimates that poly spot prices will rise 20% to $60/kg in the 2nd-half, are positive catalysts.

The firm increased 2010 and 2011 EPS estimates to $7.50 and $8.80 compared to $7.30 and $8.00 previously.

The new price target is based on 17x the 2011 EPS of $8.80.

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