“Consistent with our bullish initiation of coverage on 7/11/10, this report confirms the view that Street estimates for 2H:10 and 2011 are way too low. Despite being more cautious than TSL on pricing, we are nonetheless
raising F2010 revs/EPS from ~$1.45B/$2.56 to ~$1.56B/$3.09 and F2011 revs/EPS from ~$1.7B/$2.81 to ~$1.88B/$3.68 (Street $2.65). Using ~10x our new C2011 (about in-line w/Chinese peers)…TSL remains our favorite name in the solar sector given its strong balance sheet, more measured approach to the systems business, leading cost position, and budding track record for execution.”
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