Soleil Hikes First Solar FY08 EPS Est. 40%; Maintains Buy (FSLR)

In a research report issued this morning, Soleil Securities Group raised its FY08 and FY09 earnings estimates on First Solar (Nasdaq: FSLR). The firm currently has a Buy rating and $250 price target on shares of First Solar.

The firm dramatically increased its FY08 EPS estimate from $2.52 to $3.50, saying that consensus estimates will continue to move higher over the next several quarters. Also, Soleil raised its FY09 estimate on First Solar from $5.14 to $5.55. Wall Street is currently estimating FY08 and FY09 EPS estimates of $2.48 and $5.06, respectively.

Soleil believes Street consensuses will need to come up in order to be in-line as First Solar "will continue to increase its module output per manufacturing line faster than is built into" the stock.

Notably, Soleil's $250 price target on First Solar represents upside potential of 14% from yesterday's closing price of $220.19. First Solar stock is moving up in pre-market trading: shares are indicated higher by almost $6 or about 2%.

First Solar, Inc. designs, manufactures, and sells solar electric power modules using a proprietary thin film semiconductor technology. [BCS]

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