Cowen’s Stone Maintains First Solar (Nasdaq:FSLR) at Outperform – Expects Lower Guidance
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/igEKPkEN8oY/Posted on Saturday, July 18th, 2009 | In Market Commentary, Small & Micro Cap
July 17, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on First Solar (Nasdaq:FSLR) this morning, maintaining an OUTPERFORM rating, recommending a purchase after the quarter and seeing 50%+ upside vs. the market in 12 months.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks the impact of ASP pressure is largely offset by strength in the Euro and previous adjustments to Stonersquo;s pricing assumptions
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks FSLR is more exposed to project credit constraints and expects lower guidance
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Remains bullish on 2010 ndash; particularly with more visibility in the utility scale pipeline
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut 2009/10E MW shipments by about 11% and 5%, and expected revenue of $1.743B and $2.308B
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut op ex by about 3% resulting in EPS of $5.75 and $7.23
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks lower ASPs in H2:09 will be offset by strength in the Euro and higher module efficiency (12.5%)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating and sees 50%+ upside vs. the market in 12 months
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