First Solar just announced that it has become the first solar PV company to increase its production over to 1 GW of PV modules in a single year. That means that this year, First Solar produced and shipped enough solar modules to provide power to 145,000 homes.
In a company press release announcing the achievement, First Solar’s president Bruce Sohn explained why hitting 1 GW production is important:
“This proof that the solar industry can … Read the rest
First Solar (FSLR) will issue 2010 guidance in a webcast on Wednesday and analysts are weighing in ahead of the event.
Hat tip to StreetInsider for following the analyst comment from Pacific Crest:
Mark Bachman at Pacific Crest really went out on a limb and said the meeting should have one of two results – “up or down.” He said 2010 capex and 2011 EPS are the key metrics at the event. Long-term investors will … Read the rest
This morning Broadpoint came out reiterating its Buy rating on First Solar (FSLR), but lowered the price target to $165 which is still well above the current price of $120
Hat tip to StreetInsider.com for the following analyst comment
“Following updated cost reduction guidance from poly-based module producers last week, we are reducing our FSLR 2010 estimates to better reflect a more competitive landscape in 2H10 (namely TSL projecting $0.70/w processing cost). We still view … Read the rest
First Solar just announced that it has sold its Blythe, California plant to NRG Energy. The energy produced by the 21 MW plant, California’s first and largest utility-scale PV project, will be sold to Southern California Edison under a 20-year purchase agreement. The plant is expected to generate 45,000 megawatt-hours of electricity annually, and will create a reduction in co2 emissions equal to taking 2,200 cars off the road.
First Solar will continue to provide … Read the rest
First Solar just announced that it has purchased a planned 115 MW solar energy project, the Carrizo Energy Solar Farm, from Ausra. According to the New York Times, First Solar doesn’t plan to build the project, but instead will use the land to change the layout of its nearby Topaz project, making it more wildlife friendly and increasing the chances that it will be approved.
The financial terms of the deal were not disclosed, but … Read the rest
Yesterday, both Kaufman Bros and FBR Capital issued negative reports on First Solar (FSLR), but the stock didn’t budge as it held above the $120 level. That kind of resilience typically sets up at least some short term strength which is why I have initiated a swing trade around the $123 level. My stop point is just below the $120 level.
Here are the analyst comments from yesterday… (hat tip to StreetInsider.com for the analyst … Read the rest
Wedbush is downgrading First Solar (FSLR) this morning from Outperform to Neutral and cutting the price target from $170 to $120.
Hat tip to StreetInsider.com for the following analyst comment:
“We are downgrading First Solar to Neutral based on declining margin profile. Revenue falls short of consensus by $48 million due to the delayed revenue recognition for the Sarnia project. Significant manufacturing capacity expansion is not expected until at least 2011. We believe the modest … Read the rest
First Solar is selling off more than 15% in after hours trading and taking out key support levels again after the company beat Wall St estimates of 1.73/share, but missed the whisper number of 1.90 share. The company also missed by a wide margin on the revenue number but held firm with its full year revenue forecast of $1.975 – 2.025 billion which is at the high end of the previous range. All in all, … Read the rest
There were a few upgrades and downgrades of green stocks today, particularly in the solar space that I wanted to run through tonight.
Macquarie made a few calls in the solar space worth mentioning:
Yingli Green Energy (YGE) was upgraded from Neutral to Outperform. Shares finished up more than 5% and bounced off the 50 day moving average.
Sunpower (SPWRA) was upgraded from Underperform to Neutral. Shares finished up nearly 7% today and are nearing … Read the rest
Enbridge and First Solar just announced that Enbridge will acquire a 20 MW solar energy project that First Solar is constructing near Sarnia, Ontario. When the project is complete at the end of this year, it will be the largest PV solar energy plant in Canada, powering about 3,200 homes. Under the agreement, First Solar will continue to provide operations and maintenance services for the plant after construction is completed.
In a press release, … Read the rest