Axiom Capital Reinstates $77.00 Price Target on First Solar (FSLR)

Axiom Capital Management is out with a research report this morning, where it reinstates its $77.00 price target on First Solar (NASDAQ: FSLR); it cited the company's recently announced earnings report.

The Axiom analysts said that after reviewing FSLR's C3Q10Q, one of the more troubling trends that emerged was the company's ~8% quarter over quarter decline in C3Q10 ASPs, buoyed by an acute increase in customer rebates.

This has left the analysts wondering, “Is FSLR having to provide concessions to sell out quarters in this new “roof-top centric” environment due to a deterioration in demand for thin-film modules?”

The adjusted their CY10 higher and CY11 slightly lower.

As for valuation, the analysts remarked, “We reinstated our $77 12-month price objective – based on 15x our new CY11 EPS estimate of $5.12.”