Credit Suisse Updates Model for First Solar, Inc.

In a report published Monday, Credit Suisse analyst Patrick Jobin reiterated a Neutral rating and $70.00 price target on First Solar, Inc. FSLR. In the report, Credit Suisse noted, "We update our FSLR model following the 10K filed on Feb 25 which has greater disclosure on segment P&L along with project pipeline/backlog size and timing. Following the company's announcement to potentially form a joint YieldCo with SunPower, we now forecast a higher number of MWs are retained (vs. sold) for the YieldCo portfolio formation. This is likely value accretive while optically less straightforward as the business morphs from asset sales to more long term asset ownership. Our 2016+ EPS est are not changed under our assumption that the vehicle could be non-consolidated (of course the ultimate structure has not been determined, nor is the strategy for DevCo margin vs. accretion on drop downs in a vehicle in subsequent years to maximize the value created by the potential multiple step-up)." First Solar, Inc. closed on Friday at $59.74.