First Solar (FSLR) Higher Ahead of 12/16 Event

Shares of First Solar, Inc. (Nasdaq: FSLR) are higher today ahead of the company's 2010 Guidance Webcast on December 16th.

Analyst Mark Bachman at Pacific Crest issued some comments ahead of the event, saying the meeting should have one of two results - "up or down." He said 2010 capex and 2011 EPS are the key metrics at the event. Long-term investors will look for at least $8.00 in EPS to support a 2011 valuation target, according to Bachman, which he said is achievable with sufficient capacity additions.

Mark Bachman also commented on First Solar Desert Sunlight project in California. Bachman said he believes the Desert Sunlight project is being permitted for a capacity of 550 MWac (647 MWdc), which is 300 MWac greater than that 250 MWac estimate given in the Aug. 18 press release. The Desert Sunlight project now equals the capacity of First Solar's largest project, Topaz.

The analyst said that assuming Desert Sunlight receives Fast Track approval construction is slated to begin in 2010, which is roughly two years earlier than previously announced, and commercial operation should commence in 2013. Desert Sunlight is worth $1.6 billion, according to the firm.

The firm is maintaining their Sector Perform rating on First Solar.

Shares of FSLR are up 4 percent to $138.54 today.

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