First Solar, Inc. (FSLR)

First Solar's (FSLR - Analyst Report) growth story will continue with its order backlog surpassing $6 billion, higher capacity online in the Malaysia and Ohio facilities, higher volumes in the German market, declining cost per watt, a recent all-stock acquisition of OptiSolar, and the new utility scale PV system deployments in the United States.

However, a weak Euro in light of its focus on Europe, declining governmental subsidies for solar initiatives, tight credit markets and the modules oversupply situation in the market may partially hamper growth.

Accordingly, we maintain our speculative BUY recommendation on FSLR with a six-month target price of $225. Price appreciation to our near-term valuation target represents 17.4% upside potential.