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First Solar, Inc. Message Board

  • jeffwills45 jeffwills45 May 30, 2013 7:56 AM Flag

    Upgrade from Goldman - brief text of report - buy and 64 target

    Goldman Sachs upgraded First Solar (NASDAQ: FSLR) from Neutral to Buy with a price target of $64.00 (from $43.00), citing solid free cash flow, a low bar and reasonable valuation.

    The analyst comments, "As the debate around longer-term earnings power continues among many First Solar investors, we see an attractive opportunity on improved near-term visibility against the backdrop of negative sentiment – particularly as we see First Solar increasingly transforming into a free cash flow story. To this end, we see execution on an industry-leading 2.5GW backlog of predominantly North American projects positioning First Solar to generate $5-$6 of free cash flow per share annually through 2015."

    He added, "While we acknowledge some improvement in fundamentals has been priced in given the sharp recovery in FSLR shares off of their mid-2012 lows, elevated short interest levels (e.g., 30%+ of float) suggests investor sentiment remains very negative."

    Goldman said valuation that is less than demanding at 14X our 2014E EPS and 4.4X on EV/EBITDA

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