Analysts talk up First Solar Inc. – Time to short?
First Solar Inc. (Nasdaq: FSLR) shot up 6.31% today to end the session at $28.81. First Solar is a recent IPO and has performed very well up to now. The stock is up 44.1% since its IPO date of 11/17/2006.
Lets look at today’s analyst coverage:
- Piper Jaffray initiated coverage at ‘Outperform’ with a $37 price
- First Albany initiated at ‘Buy’ with a $36 price
- ThinkEquity initiated at ‘Buy’ with a $35 price
- Morgan Stanley initiated coverage with an ‘equalweight’ rating and a $28 price target.
- Credit Suisse initiated coverage with ‘outperform’ rating and a $32 price target.
Except for Morgan Stanley everyone seems to be impressed with First Solar. I wonder why?
IPO Underwriters
- Credit Suisse: Joint Lead Manager
- Morgan Stanley: Joint Lead Manager
- Piper Jaffray: Co Manager
- Cowen & Co: Co Manager
- First Albany: Co Manager
- ThinkEquity Partners: Co Manager
First Solar Inc. (Nasdaq: FSLR) Quarter ended April 1, 2006
- Revenue: $13.62 Million
- Net Loss: $5.9 Million
- Market Cap: $2 Billion
Evergreen Solar (Nasdaq: ESLR) Third quarter ended September 30, 2006
- Revenue: $36.2 Million
- Net Loss: 5.6 Million
- Market Cap: $519 Million
SunPower Corp. (Nasdaq: SPWR) Third quarter ended September 30, 2006
- Revenue: $65.3 Million
- Net Income: $9.6 Million
- Market Cap: $2.5 Billion
I don’t think a $2 Billion market cap is justified for First Solar Inc. and I am going to look to short it.
* At the time this article was published I didn’t have any positions in the above mentioned stocks.
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