First Solar: Continues flawless execution; tgt raised to $230 - AmTech
AmTech notes FLSR reported a blow out Sept quarter rev number of $159 mln (consensus $120.4 mln), and significantly better than expected pro-forma EPS of $0.49 (consensus $0.19). Meaningful production out of Germany in Sept helped boost margin performance significantly. While firm is increasing their rev ests, the leverage from significantly higher throughput and higher efficiencies is driving earnings much more quickly than anticipated. Despite the positive earnings report, and while acknowledging their misjudgment in missing FSLR, firm maintains their NEUTRAL rating at this point due to the recent move in shares combined with current valuation. Firm raises their tgt to $230 from $114.