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.