First Solar (FSLR) Analyst Ratings: Buy, Buy, Buy

Following last nights earnings report and news of a big supply deal, the analysts are out with their ratings this morning:

According to

Gabelli Issues Buy rating and raised 08 estimates.  “We are increasing our ’08, ’09, and ’10 EPS estimates to $4.00, $8.00, and $11.25, respectively, from $3.60, $6.50, and $10.15. 3Q EPS of $1.20 were well ahead of our expectation of $1.05, and consensus of $1.02. On the conference call, mgmt highlighted that government subsidies should continue to remain stable into 2009, that credit and tax equity financing have been difficult but should not affect FSLR, and that oversupply and ASP risk was not an issue since FSLR sells below the cash cost of its competitors. Mgmt provided bullish guidance despite the weak macroeconomic environment and the strengthening dollar.”

Soleil Securities Upgrades to Buy, Lowers Price Target. “Raising ’08E to $4.00 from $3.50, ’09E to $8.10 from $5.55 primarily due to a lower tax rate, and introducing ’10E $10.27…We believe FSLR will continue to generate strong earnings growth through a difficult period for the PV industry as its new manufacturing complex in Malaysia ramps to full production.”

Merriman Curhan Upgrades to Buy.

Canaccord Adams Maintains Buy Rating.  “While we believe the air has been let out of the solar bubble, we believe that First Solar’ss cost structure, which is half of its competition, makes it the must own name in the space through this downturn. We also note that the company’s open recognition of industry challenges provides comfort that First Solar has a handle on the macro headwinds rather than being blinded by rose-colored glasses.”

* Kudos to Friedman Billings for the upgrade on First Solar on Oct 14.

* Michael Molnar of Goldman Sachs should think about a new job.  He issued a Sell rating on FSLR down near the bottom on Oct 7th

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