According to Barrons, Credit Suisse is reiterating its Buy rating and lifting the price target on First Solar (FSLR) from $150 to $160 after the company received approved from LA Country yesterday to proceed on the 230MW Antelope Valley project. The firm notes that FSLR will have at least two shovel ready projects totaling 600MW by October which will contribute to earnings next year.
====> Click Here For Your FREE First Solar Daily Technical … Read the rest
A few analyst ratings notes to tell you about this morning…
JP Morgan initiates Molycorp (MCP) with Overweight rating and $26.50 price target based on China’s rationing of supplies and raising of rare earth prices. Molycorp aims to be the biggest miner of rare earth metals in the US which are necessary for everything from electric cars to television screens. It’s been said that the Toyota Prius uses more rare earth metals than any other … Read the rest
I believe a healthy breakout in First Solar (FSLR) is on the way, but it’s difficult to say at this point which way it’s going to break. That’s Ok. Wait for a definitive move up or down out of the wedge formation and trade accordingly.
In the video below I highlight the technical action of FSLR and I have to apologize for the lack of sound quality! It’s my first video using a new version … Read the rest
In recent days, California has proposed legislation that would help kick start smaller scale solar projects (1 – 20MW) using a feed-in-tariff system, but the rates would be set by an open bidding process which would help curb excessive rates for consumers while generating fair returns for the developer. The Renewable Auction Mechanism (RAM) as it’s called is just a proposal at this point, but a final ruling could come within 30 days. It’s likely … Read the rest
A couple rating changes this morning..
UBS upgraded First Solar (FSLR) from Neutral to Buy and raised their price target from $136 to $150. The firm cited increased global demand. Raised 2010 EPS from $7.30 to $7.50 and 2011 EPS from $8.00 to $8.80. Shares of FSLR are up nearly 3% today and holding in well at support around the 50 and 200 day moving averages. It may be gearing up for another leg higher.… Read the rest
Auriga remains quite bullish on First Solar (FSLR) following last night’s earnings report, reiterating their Buy rating and raising the price target to $175. The firm believes it’s separating itself from the competition by continuing to drive costs lower. During the quarter, manufacturing costs declined by 6% over the previous quarter and 13% year over year. While they indicate some negatives on the conference call, overall Auriga believes the positives far outweigh the negatives. They … Read the rest
First Solar (FSLR) beat estimates by a wide margin after the bell today, posting an EPS of 1.84 vs the analyst estimate of 1.60 on revenues of $588 million vs the analyst estimate of $542 million. However, it represents the first quarter in which FSLR has posted decelerating quarter over quarter profit growth in many years if ever. While revenues maintained growth jumping about 10% over the year ago quarter, profits fell about 13% over … Read the rest
First Solar, Inc. (FSLR, $136.31, $11,626mln Market Cap, Buy, $173.00 Price Target)
Auriga is out this morning maintaining its Buy rating and upping the price target on First Solar (FSLR) to $173 (27% above current levels). The firm sees significantly less exposure to the Euro next year and higher production levels so is increasing 2011 EPS of $8.64.
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More details of the report..
– sees … Read the rest
First Solar (FSLR) announced after the bell that it has completed the acquisition of NextLight Renewable Power providing First Solar with utility scale solar operations of 2.2GW under power purchase agreements. The company began moving into the utility scale business in 2007 with the acquisition of Turner Renewable Energy and later with the purchase of OptiSolar and Edison Mission Group.
The first project for NextLight as a First Solar company is the 290MW Caliente … Read the rest
A few analyst rating changes for today..
Hat tip to Street Insider for the analyst commentary.
Canaccord Genuity maintains Buy rating on Casella Waste Systems (CWST) and has a price target of $6 which is more than 50% higher than current levels. “We maintain our BUY on CWST with higher confidence that the company can improve recycling volumes within its recycling segment this fiscal year.” Shares of CWST aren’t moving on the positive comments, down … Read the rest