Cowen’s Stone Says First Solar (Nasdaq:FSLR) Analyst Day Should Be Catalyst for Stock
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/-D038CFFZWo/Posted on Wednesday, June 24th, 2009 | In Market Commentary, Small & Micro Cap
June 23, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone said that tomorrowrsquo;s analyst day First Solar (Nasdaq:FSLR) is hosting should be a catalyst for the stock, based on increased detail about its outlook, and updates on pricing. He maintains the stock at OUTPERFORM seeing 30% upside vs. the market in 12-months.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Estimates a1% change in ASP which will result in about a 3% change in 2010EPS, but with lowest cost/watt and highest GM in the industry thinks First Solar is well positioned to continue to gain share
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Utility scale prices will start below the ASP for FIT markets, but should stabilize sooner when grid parity is reached
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Utility scale segment will likely remain a minority of the revenue until about 2011
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; More details on business should boost confidence in First Solarrsquo;s growth
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating and sees 30% upside vs. the market in 12 months.
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