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First Solar Shines a Way Forward
First Solar, Inc. (FSLR - Analyst Report) designs, manufactures, and sells solar electric power modules using a proprietary thin film semiconductor technology. It sells its products to project developers, system integrators, and operators of renewable energy projects primarily in Europe. First Solar also focuses on designing and deploying commercial solar projects for utilities in the United States.
Buoyed by higher capacity online from full production ramp-up of First Solar's German facility and initial production at its Plant One facility in Malaysia registered 36% and 49% sequential growth in the 2nd quarter of 2008 on its top- and bottom-line, respectively. Looking forward, the growth story will continue through three more facilities under construction in Malaysia, declining cost per watt, rising ASPs, an emerging market in Italy and new utility scale PV system deployments in the United States.
FSLR's reliance on low cost thin-film cells helped the company avert a silicon shortage which ravaged the bottom lines of other solar peers. As a result, the company was able to register consistent improvement in its bottom-line in stark contrast to its silicon cell peers. Accordingly, we maintain our BUY recommendation on FSLR with a six-month target price of $300.00. Price appreciation to our near-term valuation target represents 24.0% upside potential.
Read the full analyst report on FSLR.
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| Market Summary | Feb 10, 2010 00:04 am ET |
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