Piper Jaffray Sees Massive Upside For First Solar (FSLR

Piper Jaffray has an Overweight rating and a $200 price target on First Solar FSLR. In a note sent to investors Piper Jaffray writes, "FSLR will present its 2011 guidance during an investor call on December 14. We expect revenue and EPS guidance above consensus of $3.6bn and $8.50. We estimate revenue of $3.9bn and $9.94. Management will likely provide an update on its 2011 project pipeline for 2011 of 500-700mw (PJC 620mw) given investor concern on its ability to execute on its project pipeline. We conduct a bottoms-up tally of our estimate of 620mw in project business for 2011. We also expect a focus on module pricing, and euro exposure. We believe an estimated 30% of 2011 shipments from its mostly North American-based project business will likely help reduce FSLR's euro exposure and insulate its blended ASP from market pressures." Shares of FSLR lost $3.07 yesterday to close at $130.98.