North Coast Solar Stocks

December 4, 2009

First Solar climbs premarket

Filed under: FSLR — Tags: , , , — Jason @ 9:10 am

Analyst upgrades First Solar to ‘Buy’ on stock value and rising demand, shares rise premarket

9:10 am EST, Friday December 4, 2009

NEW YORK (AP) — Shares of First Solar Inc. (FSLR) climbed in Friday premarket trading as an analyst upgraded the stock, citing its attractive price and increasingly favorable market conditions.

Shares of the nation’s largest solar panel maker rose $3.45, or 2.7 percent to $131.57 in premarket trading. Since the end of the third quarter, shares of the company have sunk more than 16 percent to close at $128.12 on Thursday.

Collins Stewart analyst Dan Ries urged upgraded First Solar to “Buy” from “Hold.”

“Pricing pressures in the solar market have eased in recent months as demand has exceeded supply,” Ries said, as he raised his average selling price assumptions by 2 cents to $1.68 per watt in the fourth quarter, by 6 cents to $1.50 per watt in 2010 and by 8 cents to $1.25 per watt in 2011.

This translates to higher profit estimates Ries said, boosting his 2010 estimate to $6.50 per share from $6 per share and his 2011 estimate to $7.25 per share from $6 per share. Analysts polled by Thomson Reuters expect earnings of $6.57 per share in 2010 and and $8.31 per share in 2011.

Ries noted that First Solar’s mid-December analyst meeting may lead to positive 2011 revisions. The company plans to provide 2010 outlook figures, including capital spending, which will impact 2011 production estimates.

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