First Solar (FSLR) Sells Majority Interest in Desert Stateline Project; Needham & Company Reiterates Buy
Needham & Company reiterated a Buy rating and $70.00 price target on First Solar (NASDAQ: FSLR) following the company's 3Q results and interest sale in the Desert Stateline project. Revenue and EPS of $1.271B and $3.38 was well ahead of the Street's $1.1B and $1.50, as FSLR sold the Desert Stateline project and recognized all of the progress revenue in 3Q15.
Analyst Edwin Mok commented, "FSLR reported strong 3Q15 results after sale of majority interests in the Desert Stateline project, and the company raised full year 2015 guidance. We are particularly encouraged by the strong bookings with a majority of project COD in 2017 and beyond, suggesting that the U.S. utility-scale solar market has already started to overlook the ITC change at the end of 2016. We believe this will address one of investors' major concerns on the story. Coupled with strong execution in the project business, efficiency improvements and cost control, we are increasingly confident FSLR can deliver sustainable long-term profitability with its multi-channel business strategy. Reiterate our Buy and PT of $70."
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Shares of First Solar closed at $50.99 yesterday.