Wedbush Previews First Solar's (FSLR) Q3 Earnings; Maintains Buy

Wedbush Morgan is out with a research note previewing First Solar's (Nasdaq: FSLR) Q3 earnings, which are expected out before the market opens on Wednesday, October 29. Ahead of the earnings report, the firm maintains its Buy rating on First Solar, but cut its price target on the stock from $225 to $175.

The firm sees First Solar reporting Q3 sales of $337.7 million and EPS of $0.93, which compare to the Street estimates for sales of $339.8 million and EPS of $1.01. Despite currency exposure which adds another risk to First Solar's equation, Wedbush maintains its FY08 and FY09 GAAP EPS estimates of $3.49 and $6.61, respectively. The Street estimates are currently $3.67 for FY08 and $6.71 for FY09.

After opening today's trading session down about 14% from yesterday's close, shares of First Solar have since recovered, briefly breaking into positive territory. The stock has now backed off of its session high and is currently trading around $119.72, down about 4%.

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

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