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Ahead of the Bell: Lehman ups First Solar target

By Associated Press
June 23, 2008 | Comments (1)

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A Lehman Brothers analyst expects greater returns on shares of First Solar Inc. due to lower costs and higher demand for its products.

In a client note Monday, analyst Vishal Shah raised his price target to $335 from $280, implying an expected return of 25 percent over Friday's close of $268.22.

Shah said greater output from Malaysia could add roughly $30 million to the company's second-quarter revenue. The company should benefit from a more favorable exchange rate and a resolution of solar incentives in Spain.

He also predicted a possible announcement of a U.S. contract ahead of the company's "strong" second-quarter results, scheduled for release in July.

A company representative could not immediately be reached for comment.

Shares of the Tempe, Ariz., company rose $6.74, or 2.5 percent, to $274.96 in premarket trading Monday.

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Report this Comment On June 24, 2008, at 12:55 PM, mudpiebiggs wrote:

We have found an alternate energy source that is profitable. We use in in other countries,ie Germany, why not here? Too many oil companies, too many unwilling to change. I am not sure. All sources need improvements and this is expensive but it makes money,and is working at moving in different directions.

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