Pacific Crest’s Bachman Cites Conviction to Bullish Q3 Call on First Solar (Nasdaq:FSLR)

Oct 20, 2009
Author: SCP Editor

October 20, 2009 – Analyst Comments – Pacific Crest’s Mark Bachman reiterated his SECTOR PERFORM rating on First Solar this morning, citing the installation of the 23.4MWdc Arnprior Solar Project by EDF EN Canada and enXco, as ‘adding conviction’ to his bullish Q3 call.

Key Takeaways

·         For Q3, forecasting $551.1 million and $2.13 compared with consensus estimates of $526 million and $1.70.

·         Estimates production of 302MW in Q3 with shipments of 330MW based on improved demand in the second half of 2009

·         The Arnprior project, which is not part of the OptiSolar pipeline, should be fully operational in December 2009, and expects First Solar to recognize most of the revenue in Q3

·         Believes the Sarnia project was installed at $3.89/watt


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