Ben Kallo, Analyst with Robert W. Baird & Co., says First Solar, Inc. (FSLR) remains his top pick in spite of negative sentiment around the stock. He says it is a contrarian call, but that investors should remember that First Solar is one of the leaders in the solar industry.
“First Solar arguably has the strongest balance sheet in the industry, which provides a lot of flexibility in their growth plans,” Kallo says. “In underlying the business, First Solar has a differentiated technology which I think will help it in its growth plans, not in 2015, but on into 2016 and 2017 and beyond.”
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Kallo says many investors are focused on rooftop solar and companies like SolarCity Corp (SCTY), which he says is doing well because of the current U.S. boom in rooftop solar.
“With that said, First Solar still has a significant pipeline of utility-scale projects or big projects out in the deserts — that provides very good visibility into 2015 and 2016, and then they have a very strong global pipeline which should help 2017 and beyond,” Kallo says. “They have optionality to do things with those projects, whether or not they choose to sell them like their traditional method or to hold them onto their balance sheet, which they can do because of their strong cash position, or to issue a yieldco as many are speculating that it could be a possibility.”
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