FSLR – Is it time for being green to pay off?

First Solar Inc (NASDAQ: FSLR) blew away revenue expectations and made it into the world of the profitable companies. Obviously there’s a lot of hype on solar companies, but this one could be legit. The fundamentals make it tough with a high p/e, but with such growth this could be one of those cases where it’s worth it to pay for such a high p/e.

Jim Cramer likes it now. Schaeffer’s Research doesn’t know what to do with it and has almost all sections of FSLR’s scorecard set to neutral.

For me that brings me to the chart. The trend lines and the moving averages support the bullish case. While writing this post, my limit hit to sell the June 60 put (QHBRL) for $2.80. I received $269.25 after commissions.

FSLR is still bouncing all over this morning in the 65+ range. I’m considering this more of a speculative move, but since I went so far OTM I’m more comfortable. I’ll be out before the next earnings call, assuming it’s not assigned to me.

Click on the thumbnail to see the chart:

Read more on First Solar at Wikinvest

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