100% of Top-Rated Analysts Bullish on First Solar as Earnings Forecast Shows Growth

Wells Fargo's Michael Blum upgraded their rating on First Solar (NASDAQ: FSLR) from Hold to Strong Buy on 2024/04/19. The analyst also raised their price target by 33.7% from $187 to $250.

Blum cited several factors that favor First Solar's momentum in the solar sector, which is facing multiple headwinds. One of the key factors mentioned by the analyst is the elimination of bifacial exemptions. This move is expected to benefit First Solar as it provides relative stability to the company and potentially triggers an upgrade in its rating and price target by Wells Fargo.

Furthermore, Blum highlighted additional trade obstacles on Chinese panels and limitations on Inflation Reduction Act credits as factors that could contribute to First Solar's positive performance. The possibility of a Trump presidency was also mentioned as a potential driver for the company's success.

Barclays's Christine Cho also issued an update on First Solar on the same day, maintaining their Strong Buy rating on the stock and raising their price target by 1.3% from $224 to $227. This reaffirms the positive sentiment surrounding First Solar among top-rated analysts.

Currently, 100% of top-rated analysts rate First Solar as a Strong Buy or Buy, with no analysts considering it a Hold. There are also no analysts recommending or strongly recommending selling the stock. This indicates a strong consensus among analysts regarding the company's prospects.

The consensus forecast among analysts is that First Solar will deliver earnings per share (EPS) of $10.36 in the upcoming year. If the analysts' predictions hold true, this would represent a 33.1% increase in EPS on a year-over-year basis.

In terms of stock performance, First Solar has seen a 1.6% increase in its stock price since its last quarterly report on 2023/12/31. However, the stock is down 19.8% year-over-year, trailing behind the S&P 500, which is down 19.6% during the same period.

Wells Fargo analyst Michael Blum, who issued the upgrade on First Solar, is ranked in the top 10% of Wall Street analysts according to WallStreetZen. Blum specializes in the Industrials and Utilities sectors, among others, and has an average return of 6.4% and a 57.1% win rate.

First Solar, Inc. is a leading provider of photovoltaic (PV) solar energy solutions. The company designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. With operations in the United States, Japan, France, Canada, India, Australia, and other international markets, First Solar serves a wide range of customers, including system developers and operators, utilities, independent power producers, and commercial and industrial companies. The company was founded in 1999 and is headquartered in Tempe, Arizona.

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