Can First Solar Keep Up With the Chinese?

TEMPE, Ariz. (TheStreet) -- Last week, solar industry bellwether First Solar(FSLR) held a meeting with analysts and investors at the Westin New York during which First Solar management presented its spin on growth for 2010.

Not all investors were privy to the live meeting, however. In fact, one notable hedge fund bear on First Solar stock was barred entry from the First Solar event.

Other analysts who maintain a negative outlook on First Solar stock were also reportedly singled out by First Solar management for abuse during the New York presentation. Analysts including Mark Bachman of Pacific Crest Securities have been disappointed by First Solar's overall direction, and after the meeting with First Solar management, Bachman was still ambivalent about First Solar stock.

The tension between First Solar management and the investment community illustrates how important First Solar is as a stock-market indicator of the solar industry, and also, how many questions there are about First Solar in the face of the continued rise of Chinese solar players. First Solar is the biggest, and among the oldest, of the solar market players. It has been a long while since its stock was above $300 in the most exuberant moments of solar delirium, but more recently First Solar has been on the comeback trail from a low under $120.

Still, the threat to First Solar from the Chinese competitors like Trina Solar(TSL), Yingli Green Energy(YGE)and Suntech Power(STP), who all operate vertically integrated solar businesses like First Solar, isn't going away any time soon.