A tale of two analyst comments today on First Solar (FSLR) with Soleil Securities downgrading the stock and Broadpoint Amtech maintaining its Buy rating and raising the price target to $250 based on the potential for several catalysts.

Hat tip to StreetInsider for the following analyst notes:

The catalysts highlighted include:

The 2009 Analyst Day: FSLR is scheduled to host an Analyst Day on June 24 in Las Vegas where we expect management to highlight improvements in Balance of System (BOS) costs, as well as the cost advantage it enjoys relative to poly-based modules.

Co-financed Project Back into Guidance: “…we believe it is very likely that FSLR will be able to put its 53MW co-financed project back into FY09 guidance in 2H09. We believe in broad terms that this represents ~$100M in incremental revenue and ~$0.40 in EPS to the consensus outlook.”

Sempra 500MW Project in Mesquite, AZ:… “we believe Sempra’s planned 500MW PV plant in AZ may be a prime candidate for pull-in. Given FSLR’s historical relationship with SRE, as well as its LCOE advantage, we believe the company is a strong candidate to win this business.”Hardy also said FSLR has significantly underperformed its Chinese brethren since it last reported earnings at the end of April. As an example, JA Solar (Nasdaq: JASO) and Yingli Green (NYSE: YGE) are up 75% and 116% respectively since May 1st, compared to a flat performance from FSLR.

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Soleil Securities downgraded FSLR from Buy to Hold but increased price target 10 bucks to $170 due to concerns about module oversupply and pricing.  “No change ’09E $8.10, above consensus $7.14, but reducing ’10E to $8.25, below consensus E8.75, from $10.27 due to module pricing pressure.”

Shares of First Solar are trading flat today.

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