UPDATE: DNB Markets Upgrades First Solar; Lowers PT

According to a research report published this morning, DNB Markets has upgraded First Solar

from Hold to Buy, and lowered PT from $25 to $23. In the report, DNB Markets commented, "Following a weak Q1 we believe expectations have been reset and view improved cash flow going forward as key trigger for a revaluation of the shares. Free cash flow guidance of USD475m for 2012, or USD5.4/share, indicates a 30% cash yield as the company increases project completions through 2012. In addition, First Solar is trading at an all-time low on EV/EBITDA, P/E and P/B multiples, both in an historical perspective and compared to a broad solar peer group." First Solar is currently trading at $18.94.