It’s a play on the buzz of the future—clean tech—more specifically, solar power. But, how far away from viable solar power are we really? Probably further than you think.

First Solar (Symbol: FSLR) is a classic example of what Wall Street mojo can do. In late May 2007, First Solar started its amazing bull run to $120. But why?

The stock is traded on unbelievable buzz—and momentum works both ways. Recently, First Solar announced earnings of $0.58 cents per share, which shows incredible improvement over last year’s $0.05 cents per share loss. Or does it?

The earnings included a one-time income tax benefit that equates to $0.51 cents per share. So, the “true” earnings were $0.07 cents per share, not $0.58.

Here’s one of the main problems—margins. While sales are increasing like gangbusters, profits are not. It’s an expensive business.

If you want to get into First Solar, I’d wait for a pullback, which is presently underway.

While I’m enthusiastic about clean tech and companies in the space, like First Solar, I’m also realistic. I expect to see First Solar at $90 or less before the year is out.

I think many investors are getting way too ahead of themselves, and perhaps some are starting to realize that.