First Solar (FSLR) Yieldco Opportunity Overshadows Q2 'Miss', Baird Says
Baird analyst Ben Kallo reiterated an Outperform rating and $87 price target on First Solar (NASDAQ: FSLR), saying the Yieldco opportunity overshadows the quarterly push-out.
Kallo commented, "FSLR missed estimates largely due to delayed timing of revenue recognition from its Desert Sunlight project. That said, FSLR reaffirmed its revenue and EPS guidance for the year, expanded its pipeline, had strong bookings of 812MW since Q1, and continues to make efficiency gains. Additionally, a yieldco decision is expected in the near term, which could unlock significant project value. We would be buyers at current levels."
The firm trimmed FY 2014 EPS form $2.67 to $2.49 and FY 2015 EPS bumps up from $4.81 to $4.82.
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Shares of First Solar closed at $63.66 yesterday.