Axiom Capital who has long been bearish on First Solar (FSLR) and wrote last week that there was little chance of FSLR getting funding from the DOE for its large solar project is now changing its tune a bit.  According to Barron’s the firm now believes, after checks with the DOE, that there are enough funds left for renewable energy projects and FSLR has a good chance of getting funding for its large project, but likely a reduction of funds. 

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“Funds left in the DoE coffers can actually be leveraged up to something like $3B,” writes Johnson in an email. “Thus, there IS a chance that more than one of FSLR’s large-scale projects (Topaz, Desert Sunlight, and AV Solar Ranch) get funding.”

Shares of FSLR didn’t move much on the report and continue to inch closer to that key support area around the $120 level I’ve been talking about.  I still believe a test of that level is not far away.