Cowen’s Stone Comments on First Solar (Nasdaq:FSLR) Analyst Day – Maintains OUTPERFORM Rating
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/7LN-fWq1IYo/Posted on Friday, June 26th, 2009 | In Market Commentary, Small & Micro Cap
June 25, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented this morning on First Solarrsquo;s (Nasdaq:FSLR) analyst day, noting that it raised confidence in the long-term model. He maintains an OUTPERFORM rating on the stock and sees 30% upside vs. the market in 12 months.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;Reaching 12.5% module efficiency (vs. 10.9%) in near term appears to be largely a function of process integration.rdquo;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; By 2014 FSLR targets cost/watt of $0.52-$0.63 (vs. 2010-2012 target of $0.65-$0.70)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks systems business will drive volume growth in modules
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Starting 2011-12 EPS at $10.25 and $14.40 on sales of $3.47B and $4.85B, respectively
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks it is unlikely that FSLR will add another major plant location in 2010
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating sees 30% upside vs. market in 12 months
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