First Solar Moves Closer To The Double (FSLR, TAN, SPWRA, ESLR)
Maybe there’s some life left in the solar industry after all. First Solar, Inc. (NASDAQ:FSLR) reported EPS for the first quarter of 2009 of $1.99, blowing past estimates of $1.50 and tripling EPS of $0.57 for the first quarter of…
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The company’s results differ substantially from the numbers put up by SunPower Corporation (NASDAQ:SPWRA), and just as SunPower’s report last week took the solar sector down, First Solar’s numbers are a rising tide that appears to be lifting all solar boats. Evergreen Solar, Inc. (NASDAQ:ESLR) reports first quarter results after markets close today, and its shares are up more than 9% in pre-market trading.
First Solar was a stock that we put in our “Energy Stocks To Double” by the end of the recession. Technically, it has doubled from the absolute lows. But we were using a baseline of $100 rather than the $85 handle. So our target to be a double would yield a $200 price tag. The stock is up 18% in early trading around $179.00, and the 52-week range is $85.28 to $317.00.
Even the Claymore/MAC Global Solar Energy (NYSE: TAN) is running as First Solar looks to be the largest component of that ETF. Those shares are up 6% at $8.28, and its 52-week trading range is $4.65 to $30.79.
Paul Ausick
April 30, 2009
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