November 18, 2009 ndash; Analyst Comments- Pacificnbsp; Crestrsquo;s Mark Bachman commented today on an article in the October 2009 issue of PHOTON Magazine which reports on manufacturing flaws in First Solar modules. Bachman stated that ldquo;We raise the issue now because the article was printed in the German version of the magazine last month, and we believe that most U.S. investors are not yet aware of it; we suspect the article will soon appear in the English version of PHOTON International. We are looking to be more constructive on the stock and want to clear potential negative data ahead of First Solarrsquo;s Dec. 16 analyst meeting.rdquo; Key Takeaways Bachman said module performance is unaffected by the defects, having checked with several First Solar customers Doesnrsquo;t think that First Solarrsquo;s brand has been damaged, as no negative criticism was noted from checks with installers in the U.S.

November 11, 2009 ndash; Analyst Comments -nbsp; Pacific Crestrsquo;s Mark Bachman commented on A123 Systemsrsquo; Q3 financial results this morning, noting that the results were ldquo;solidrdquo; and there is no change to his long-term thesis. He rates the stock at SECTOR PERFORM. Financial Resultsnbsp;nbsp; Q3 revenue of $23.6 million, up from $22.9 million for the same period last year. Product revenue increased 42% on Y/Y basis, while Ramp;D revenue increased 59% Y/Y. The company reported anbsp; net loss of $22.8 million, or $1.78 per share, compared with a net loss of $1 million for the same period last year. It had $494 million of cash on hand at September 30, 2009. Bachmanrsquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;The loss of ($1.78) per share looks much worse than our estimate of ($0.20), but all but $0.03 of the miss was driven by a share-count discrepancy.nbsp; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; A123 is confident about Chrysler, but the implications are ...

November 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on Evergreen Solarrsquo;s (Nasdaq:ESLR) Q3 results, stating that ldquo;given the near-term challenges ahead, we no longer have the conviction to recommend putting new money into the stock.rdquo; Bachman downgraded to SECTOR PERFORM. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeled declines in ASPs (22% in 2010), underutilization at Devens, ramp expenses from China and continued losses from Sovello middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Downside risk is probably minimal at 0.5x price-to-book middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Evergreen may need to return to the capital markets late next year to increase debt or add further dilution middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowering 2010 revenue and EPS estimates to $355.3 million and ($0.03) from $466 and $0.29, respectively and removing price target

November 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented this morning on First Solarrsquo;s (Nasdaq:FSLR) land purchase from Ausra which he says mitigates risk for its 550MWac Topaz Project. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Environmentalists continue to battle with large project developers, and the Ausra parcel will give First Solar more flexibility in placement of solar arrays from land covered by the Land Conservation Act of1965 to createnbsp; additional wildlife corridors to appease the environmentalists middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The purchase will also enable faster permitting middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Profitability impact to the Topaz project should be nominal ndash; even at $4,000/acre, at $3.50/Wdc the project is worth almost $2.4 billion. A $3 million impact on the cost of the additional land would impact gross margin by less than 0.2%.

October 29, 2009 ndash; First Solar (Nasdaq:FSLR) is getting hammered this morning after reporting Q3 results yesterday after the close. The company reported revenues of $480.9 million, compared with $525.9 million in Q2 and $348.7 million for the same period last year. Net income was $153.3 million, or $1.79 per share,nbsp; compared with $180.6 million in Q2 and $99.3 million for the same period last year. Management said it expects full year fiscal 2009 revenue at the updated guidance range of $1.975 to $2.025 billion, which is at the high end of the previously provided guidance range. Amongst analysts weighing in on First Solarrsquo;s report, are Pacific Crestrsquo;s Mark Bachman and Cowenrsquo;s Robert Stone. Bachmanrsquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revenue miss was due to lack of module sales ldquo;despite management giving away more than $60 million in price concessions in Q3.rdquo; Bachman estimates only 272MW of modules were counted as revenue in Q3 ...

October 20, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman said SunPowerrsquo;s (Nasdaq:SPWRA) Q3 will likely be strong, but lsquo;its valuation appears to have peaked.rsquo; Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q3 consensus revenue and EPS estimates are $420 million and $0.39, respectively, and lsquo;even with a Q3 beat, and a reiteration of 2009 guidance, valuation has likely already peaked at 25x when using 2010 EPS of $1.35rsquo;middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Suggesting taking a short position into the call ndash; expects short-term investors to take profits following the Q3 print middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Germany is likely to offset weakness in the U.S. ldquo;Have highlighted weak commercial installs, declining U.S. market share, delayed systems revenue and lower ASPshellip;all of which confirm long-term bearish thesis on the stock.rdquo; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;SunPower is not the best of breed and does not deserve a premium multiplehellip;the stock currently trades at 25x our 2010 pro forma EPS estimate of $1.35; we believe 15x is a ...

October 5, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented this morning on the California Solar Initiative, noting that analysis of the CDI Program Data through 3Q2009 indicates continued application growth in California. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In C2009, as of September 30, the CSI has submitted 169MW worth of applications (compared with 185.6MW for all of C2008) middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; YTD, the overall market has grown 23% Y/Y middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Residential sector has already reached 103% of its 2008 total middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Government sector has reached 139% of its 2008 total middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Commercial sector is down 25% middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 42% of Q3nbsp; applications came from SunPower (Nasdaq:SWPRA), Suntech (NYSE:STP) or Sharp (7503.T) middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes Suntech and Sharp offer the best solutions, while SunPowerrsquo;s market share has flattened to the mid-teens middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New entrants in the market include First Solar (Nasdaq:FSLR), Yingli (NYSE:YGE) and BP Solar

September 3, 2009 ndash; Pacific Crestrsquo;s Mark Bachman commented on the California Solar Initiative data for August this morning, concluding that ldquo;positive momentum remains intact.rdquo; Bachman also said he thinks module prices are stabilizing. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; CSI program is up 23% YTD and has achieved 82% of the total applications submitted in 2008 after only two-thirds of 2009 have elapsedmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Growth in the government and residential sectors is up 124% and 52% respectively, Y/Y, while the commercial sector continues to lag middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Projectnbsp; financing remains key hurdle in the commercial market middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sharpe, SolarWorld and Suntech continue to gain share in CSI program, while SunPower continues to lose share middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Recent channel checks indicate module prices have neared a bottom (down about 5% from June levels and expected to be flat to down 5% in Q4) middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Reiterated 600MW target for the U.S. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Increasing concern amongst investors and installers about second-tier-quality Chinese modules ...

August 27, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on German installer Juwirsquo;s announcement of 39MWac worth of PV projects in the U.S. He said he thinks First Solar (Nasdaq:FSLR) will be the module supplier. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Attributes Juwirsquo;s success to development prowess and competitive LCOE offering of utilizing First Solar modules middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Juwi has built some of Germanyrsquo;s largest solar parks utilizing First Solar modules and believes First Solar will continue to be Juwirsquo;s product of choice for U.S. installations middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Juwi plans to install more than 1GW of wind and solar in the U.S.

April 30, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman and Cowenrsquo;s Rob Stone commented this morning on First Solarrsquo;s (Nasdaq:FSLR) results, each maintaining an OUTPERFORM rating on the stock, with Stone forecasting 30%+ upside potential vs. the market in 12 months and Bachman increasing his price target to $231, 25x his 2010 EPS estimate of $9.24. Financial ResultsFirst Solar (Nasdaq:FSLR) reported a 112% Y/Y increase in Q1 revenues to $418.2 million, and earnings of $164.6 million, or $1.99 per share, compared with earnings of $46.6 million, or $0.57 per share for the same period last year. Consensus expectations were for earnings of $1.50 per share. Stonersquo;s Comments middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Higher GM and lower cost per watt and a tax benefit drove Q1 results middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Co-investment in a large German project demonstrate the ability to catalyze market expansion, enhancing scale and capacity expansion middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raised 2009E revenue to $1.9B on shipments of 943MW, ...