DENVER (AP) -- Shares of First Solar Inc. rose Thursday after an analyst raised his ratings on the stock and company earnings, forecasting improved demand for solar products.
THE SPARK: Credit Suisse analyst Satya Kumar raised the rating on First Solar to "Outperform" from "Neutral" and the 12-month price target to $150 per share from $110 per share.
Kumar increased the calendar year 2010 earnings-per-share estimate to $7.53 from $6.79 and 2011 earnings-per-share estimate to $8.32 from $7.34.
The analyst also upgraded the estimate on calendar year 2010 revenue to $2.7 billion from $2.6 billion.
Analysts surveyed by Thomson Reuters have predicted 2010 fiscal earnings of $6.93 a share and 2011 fiscal earnings of $7.57 a share.
First Solar has forecast 2010 net sales of $2.6 to $2.7 billion, and earnings per share in a range between $6.80 and $7.30... read more
Thursday, June 17, 2010
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