Auriga Maintains Buy On First Solar (FSLR), Lowers PT A Bit

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10:30:28 am on December 15, 2010

Auriga is out with some notes on First Solar (FSLR) following the company’s guidance last night.  The firm notes that the company issued guidance that beat consensus estimates and the whisper numbers which should be viewed positively by the Street.  Auriga continues to see FSLR as a long term investment rather than a trading vehicle and maintains its Buy rating.  The price target however declines just a bit from $175 to $167 as industry multiples get compressed.  The new price  target is based on the 2012 EPS estimate.

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For 2011 the firm is raising their revenue estimate around $400 million and is now issuing EPS guidance for 2012 of $11.15/share.  It should be noted that the firm assigns a premium multiple to FSLR of 15x due to its superior business model.  For comparison, the firm assigns the highest rated Chinese solar names a 10x multiple.

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