North Coast Solar Stocks

September 17, 2009

Barclays Lifts Targets On FSLR, SPWRA

Filed under: FSLR, SPWR — Tags: , , , , — Jason @ 11:51 am

By Eric Savitz

Barclays Capital analyst Vishal Shah this morning lifted EPS estimates and price targets for both First Solar (FSLR) and SunPower (SPWRA, SPWRB). Here are the details:

* First Solar: Shah keeps his Equal Weight rating, but lifts his target to $160, from $140. (The stock closed yesterday at $146.99.) He also raised his 2009 EPS estimate to $8.16, from $7. For 2010, he trims his forecast to $7.28, from $7.75; but for 2011, he now sees $9.60, up from $9.21. Shah contends that risk/reward heading into Q3 earnings is “positive,” and that near-term concerns on pricing and margins appear to be largely discounted in the shares. He sees longer term share appreciation, driven by an improving cost picture, a “downstream” focus and a strong record in the utility market, among other factors.

* SunPower: Shah again maintains his Equal Weight rating, while increasing his target to $35, from $31. (Yesterday it closed at $31.47.) For 2009, he ups his EPS estimate to $1.25, from $1.09; for 2010 he goes to $2, from $1.80. As with FSLR, he says that near-term risk/reward “appears attractive,” with pricing pressure and margin concerns priced in. “SunPower remains well positioned in the U.S. residential market and large scale U.S. utility market and appears to be gaining traction in Germany,” he writes. Shah adds that “pricing power appears to be better than expected,” and that cost reduction potential likewise appears better than expected.

FSLR today is up $7.08, or 4.8%, to $154.07; SPWRA is up 99 cents or 3.2%, to $32.46.


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