UBS maintains its Buy rating and increases the price target from $150 to $160. The firm increases its 2011 and 2012 EPS estimates from $8.80 and $9.50 to $9.15 and $10.00.

Needham & Company upgraded from Underperform to Hold but indicated the valuation remains rich and investors should focus on solar stocks with lower multiples such as JA Solar (JASO) or LDK Solar (LDK).

JP Morgan raised the price target from $105 to $115.

Jefferies maintains its Hold rating and believes the sale of Agua Caliente should quell fears about the ability to sell large solar projects, but the firm is lowering 2011 EPS estimates from $7.87 to $7.68.

Deutsche Bank maintains its Hold rating and $125 price target.  The firm notes that while the company issued strong guidance, the guidance may be aggressive and provide little room for error. They are also concerned about FiT cuts on Europe.

Wunderlich maintains its bearish view and Sell rating with a $90 price target.  They remain concerned about the German market and general oversupply after the Q1 2011.

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Shares of First Solar (FSLR) are up a few percent today and pushing back above resistance of the 50 day moving average, repairing some recent technical damage in the process.  Following a 15% run in the past few weeks leading up to the guidance, I think FSLR is a bit overdone to chase here.  Overall, I think you can be patient on solar stocks including FSLR as they undergo corrections and digest the summer gains.