Wedbush Morgan Defends First Solar Too; "Negative Barrons Article Unwarranted"

Last night I posted about Jefferies analyst Paul Clegg defending First Solar (FSLR) following the negative piece on the company in Barrons.  This morning, Wedbush Morgan is out defending the company as well, assuming coverage at an Outperform with a price target of $190.

Hat tip to for the following analyst comment:

“Negative article in Barron’s is unwarranted, in our opinion. Investor concerns over the rebate program in Germany are overdone. in our opinion. The reported increase in accounts receivable is primarily attributable to a change in payments term for customers from 10 days to 45 days. The accounting for the company’s loan related to the Lieberose project is appropriate since the company does not have control over the project. Adjusting our 2009 and 2010 revenue/GAAP EPS estimates to $2.121 billion/$7.81 from $2.027 billion/$7.51 and to $2.764 billion/$8.60 from $2.665 billion/$8.84.”

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