Pacific Crest’s Bachman Weighs in on First Solar (Nasdaq:FSLR) Ahead of Report
Posted on Friday, February 20th, 2009 | In Small & Micro CapFebruary 20, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on First Solar (Nasdaq:FSLR) with maintaining an OUTPERFORM rating on the stock, commenting that ldquo;despite the economic headwinds, we have been hard pressed to find negative data on First Solar ahead of its earnings conference call next week.rdquo; His price target for the stock is $364, a considerable premium from yesterdayrsquo;s closing price of $131.30.
Here are Bachmanrsquo;s key takeaways:
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects Q4 to come in slightly better than Street estimates due to strong volumes and improved exchange rates. Expects 175MW in sales.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q1 consensus ldquo;looks saferdquo; and FY09 guidance may be reiterated
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks stock may react positively to Q4 earnings report on maintained FY09 guidance, new project announcements and potential announcement of new factory/expansion
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; On the other hand, if FY09 guidance is lowered the stock could react negatively
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects FY09 revenue of $2 billion to $2.1 billion, with operating margin in range of 33% to 34%
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Price target of $364 based on 40x 2010EPS estimate of $9.12, with the premium multiple being justified by the companyrsquo;s growth trajectory, market-leading position, disruptive technology and belief that it can provide subsidy-independent electricity prices competitive with retail rates
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