16 April 2008

Clean Tech: First Solar Rising on SoCal Edison Potential Contract

The Toledo Blade reports this morning that "shares in First Solar Inc., (FSLR) the largest U.S. solar-power manufacturer, surged to a record yesterday on the possibility the company will win part of an $875 million contract with a California utility.

"First Solar, which has its only North American solar-panel factory in suburban Toledo, climbed $13.22, or nearly 5 percent, to $287.32 a share on Nasdaq. The Phoenix company first sold shares at $20 each in November, 2006.

"The stock has gained 30 percent since March 26, just before Southern California Edison said it was seeking suppliers of rooftop solar panels to help the utility, California’s second-largest, comply with a state law requiring reduction of greenhouse-gas emissions to 1990 levels by 2020."

Schaeffer's Research also reported that Broadpoint Capital has reiterated its buy rating for First Solar with its price target lifted to $315 per share.

(Disclosure: I hold a long position in FSLR. This post is for informational purposes only and is neither intended to be investment advice nor an offer, or the solicitation of any offer, to buy or sell any securities.)