Auriga Upgrading First Solar (FSLR) To Buy, Mini Gold Rush Coming After Italy Finalizes

Auriga is out this morning upgrading shares of First Solar (FSLR) from Hold to Buy but lowered their price  target just a bit from $166 to $160.  Here are highlights of the call…

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– management reaffirmed 2011 guidance in earnings report last night (Auriga called the quarter a solid beat)
– FSLR modules are low in price and high in efficiency, remaining in high demand
– sees mini gold rush across Europe once Italy finalizes solar legislation
– continuing to penetrate new markets in Asia
– encourages aggressive buying of shares on further weakness
– sees 20% upside to current prices
– management increasingly optimistic about penetrating India and expanding in China
– the proposed factory in France on indefinite hold which lowers Auriga’s 2012 estimate by .49

Shares of FSLR are down nearly 3% ahead of the opening bell this morning.  I’ll post about the earnings report and more analyst reactions over the next hour or so .. stay tuned.

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