Analyst Notes: Cowen’s Rob Stone Weighs in on First Solar (Nasdaq:FLSR)
Source: http://feeds.feedburner.com/~r/smallcappulse/feed/~3/440556823/Posted on Tuesday, October 28th, 2008 | In Small & Micro Cap
October 28, 2008 – ANALYST COMMENTS – Cowen & Company’s Robert Stone wrote an update on First Solar (Nasdaq:FSLR) this morning, commenting that he expects it to meet or beat estimates in Q3 and Q4 but that it may be exposed to currency risk heading into its 2009 numbers. He expects 50%+ upside versus the market in 12 months based on First Solar’s industry-leading cost-per-watt and the significant U.S. utility scale opportunity.
Stone expects FSLR to post $1.2 billion in sales in FY2008 and $3.70 in earnings, and $2.15 billion in FY2009 and $6.45 in earnings. At yesterday’s closing price of $107.9, the stock is trading at 19.2x Stone’s sales estimates and 29.2x his earnings estimates for FY2008, and 10.7x sales estimates and 16.7x earnings estimates for FY2009.
The question is whether, given the recent pullback in the broader market which has led to a massive devaluation in solar stocks, First Solar is still expensive relative to its peers.
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Cowen, Cowen & Company, First Solar, Rob Stone Weighs, Robert Stone, Small & Micro Cap, small cap pulse, United States, USD
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