TMC.net: First Solar-Guandong Nuclear Partner to Build Plant in Mongolian Desert (FSLR)
Jan 05, 2011 (SmarTrend News Watch via COMTEX) -- First Solar, Inc. (NASDAQ:FSLR) will partner with a state-owned, Chinese energy firm to construct a solar power plant in the Inner Mongolian desert.
The company will procvide solar modules and engineering services for the project, and will take a minority stake in the Ordos-based plant.
First Solar, the world's biggest maker of thin-film solar modules, will receive a state-backed partner to work on the project with - the majority owner, China Guangdong Nuclear Solar Energy Development Co.
Company president Bruce Sohn said, Guangdong Nuclear Solar "brings a credible partner to the table with expertise in this market that we have not had." First Solar had sales growth of 0.7% during the last fiscal year.
The company has reported $2.6 billion in sales over the past 12 months and is expected to report $3.8 billion in sales in the next fiscal year.
The firm has a potential upside of 17.2% based on a current price of $131.12, and an average consensus analyst price target of $153.69.
The company is currently above its 200-day moving average (MA) of $129.88 and should find resistance at its 50-day MA of $133.78.
In the last five trading sessions, the 50-day MA has fallen 0.59%, while the 200-day MA has risen 0.22%.
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