Wedbush Morgan Raises PT on First Solar to $250 (FSLR)

Wedbush Morgan raises its price target on First Solar (Nasdaq: FSLR) from $216 to $250, while maintaining a Hold rating.

The firm said it expects First Solar to report strong Q1 results, due out on Wednesday, April 30th, as benefits from a strengthening Euro will likely "offset budgeted average selling price declines" over the quarter. Wedbush calls the U.S. utility market "a major opportunity", but believes it is still in its infancy today.

Wedbush raised its GAAP EPS estimates on First Solar from $2.26 to $2.54 for FY08, from $4.28 to $5.10 for FY09 and from $5.40 to $6.56 for FY10. The Street is currently expecting FY08 EPS of $2.53 and FY09 EPS of $5.11.

The firm said its price target on First Solar is based on a 34x multiple to its FY10 non-GAAP EPS estimate of $7.31. As shares of First Solar are trading around $280 today, Wedbush's price target represents a 10.7% decline in the Company's stock price.

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

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