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Cowen’s Stone Weighs in on First Solar

Apr 28, 2009
Author: SCP Editor

April 28, 2009 – Analyst Comments – Cowen’s Robert Stone commented on First Solar (Nasdaq:FSLR), noting that he expects Q1 EPS 5% to 10% above the Street and unchanged guidance, with no major changes to gross margins. He maintains the stock rating at OUTPERFORM with 30%+ upside vs. the market in 12 months. Key Takeaways·         Modeling EPS of $1.58 on $405 million in revenue, noting that this is strong relative to industry conditions. ·         Expects lower module ASP ($2.04) to be offset by volume (196MW) but lower total revenue on sequential decline in systems ($5M). ·         Expects gross margin to decline to high 40% level in the second half of 2009, reflecting a higher mix of project revenue. ·         At yesterday’s close of $152, maintaining OUTPERFORM rating




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