Auriga Comments on First Solar's Sale of Topaz

Auriga has published a research report on First Solar FSLR commenting on the company's s announcement on selling Topaz to Berkshire Hathaway BRK. In the report, Auriga writes, "First Solar's announcement this morning that it sold the 550MW Topaz Solar Farm to MidAmerican Energy Holdings (a Warren Buffet company) is a positive and clears the uncertainty. Earlier Enbridge of Canada was reported to be in the running. A deal was expected to be consummated before the year is over in order to lock in the Federal 30% ITC cash grant that, as of now, is set to expire by the end of the year. First Solar's sale of Topaz highlights that high quality projects will get financing even in a dislocated macro environment that has hampered project financing, and will have a positive perception effect - on SunPower and MEMC and others - that participate in downstream projects." Auriga maintains its Buy rating and $56 price target on First Solar, which is currently trading up $3.38 from yesterday's $46.11 closing price.