North Coast Solar Stocks

December 4, 2009

First Solar: Collins Stewart Turns Bullish

Filed under: FSLR — Tags: , , , — Jason @ 10:13 am

By Eric Savitz
barrons.com

First Solar (FSLR) share are higher this morning after Collins Stewart analyst Dan Ries upped his rating on the stock to buy from Hold, setting a price target of $160. FSLR closed yesterday at $128.12.

Ries writes that pricing pressures in the solar market have eased in recent months as demand has exceeded supply. He increased his forecast for ASPs for Q4 by two cents to $1.68/watt; for 2010 by 6 cents to $1.50/watt, and for 2011 by 8 cents to $1.25/watt. “We continue to believe the FSLR modules will have to go below $1.20/watt in the years ahead, but the path to that level in our view [is now] more gradual.”

To reflect the higher price forecasts, Ries lifted his GAAP EPS estimates for FSLR to $7.46 from $7.43 for this year, and to $6.50 from $6 for next year.

FSLR today is up $3.70, or 2.9%, to $131.82.

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