Collins Stewart Upgrades First Solar (FSLR) To Buy, $160 Price Target

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08:53:41 am on December 4, 2009

Collins Stewart upgraded First Solar (FSLR) from Hold to Buy this morning and has a price target of $160.

Hat tip to for the following analyst comments:

The firm notes that its downgrade in March was “due to concerns that its CY10 EPS was at risk due to impending module price cuts and its significant valuation premium at the time.” With the Street’s estimates for next year coming down, in addition to a narrowing valuation premium, however, Collins Stewart believes that the stock’s risk/reward is now more favorable. The firm also points out that “pricing pressures in the solar market have eased in the recent months…”  Collins Stewart raised its average selling price estimates for Q4 from $1.66/watt to $1.68/w, its CY10 estimate from $1.44/w to $1.50/w and its CY11 estimate from $1.17/w to $1.25/w. Looking at earnings, the firm moves its CY10 EPS estimate from $6.00 to $6.50 and its CY11 forecast from $6.00 to $7.25.

Shares are up about 1.5% in premarket trading, adding to yesterday’s 5% surge.

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