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Comcast Corp.: Standard & Poor's equity analyst Tuna Amobi kept a hold rating on shares of Comcast Corp. (CMCSA) on Apr. 28.

Comcast, the largest U.S. cable company, reported first-quarter profit that beat analysts' estimates on Apr. 28 after luring new customers with faster Internet speeds and cable programs that can be viewed online.

Comcast said that earnings amounted to 31 cents a share, compared with the 30-cent average of estimates compiled by Bloomberg. The Philadelphia-based company added 1.02 million net new customers.

Net income climbed 12% to $866 million from $772 million a year earlier, Comcast said in a statement. Advertising sales jumped 24% last quarter to $360 million, compared with a 15% slump last year. Total sales rose 3.8% to $9.2 billion, compared with the $9.15 billion average of analysts' estimates.

Comcast's first-quarter operating cash flow rose 3.5% to $3.57 billion and free cash flow surged 38% to $1.89 billion. In December, the company announced plans to take a 51% stake in General Electric Co.'s NBC Universal TV and film business in a $28 billion joint venture. The companies expect the merger to close within the year after the deal undergoes regulatory scrutiny.

In a posting on the S&P MarketScope service, Amobi said the company's first-quarter earnings per share (EPS) of 31 cents were 3 cents above his estimate. "While relatively modest first-quarter revenue and operating cash flow gains, both below 4%, have evidently retreated below recent trend lines, we note declining capital intensity drove solidly above-trend 38% free cash flow growth," the analyst wrote.

Amobi also noted that net unit growth of over 1 million units, on net additions of data, digital and voice service, "also seemed to stabilize somewhat".

First Solar Inc.: Kaufman Bros. equity analyst Jeffrey Bencik maintained a buy rating and $140 price target on shares of First Solar Inc. (FSLR) on Apr. 28.

First Solar, the world's largest maker of thin-film solar power modules, said on Apr. 28 that it plans to buy project developer NextLight Renewable Power LLC to boost sales of its panels to U.S. utilities. First Solar agreed to pay $285 million in cash for the closely held developer, which has contracts to build 570 megawatts of solar-power arrays in the Southwest, the Tempe, Arizona-based company said in a statement. The companies expect to complete the transaction in the third quarter.

In a note, Bencik said the acquisition "increases visibility" into 2011 forecasts for First Solar. He noted that the acquisition of NextLight secures an additional 1,100 megawatts of backlog for the company. "At over 2,200 MW in backlog, we believe this represents the most in the industry, in fact, we believe it is likely 50% more than the next closest competitor," the analyst said.

Bencik said he believes there is "significant upside" to First Solar's earnings in 2010 and 2011. He forecasts EPS for 2010 of $6.48 and for 2011 of $8.76, above the current consensus estimates of $6.15 and $7.38, respectively.

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