First Solar (NASDAQ: FSLR) Upgraded to Strong Buy as Q2 Execution De-Risks Slowing Momentum

By Don Francis, Editor
July 30, 2023 2:48 AM UTC
First Solar (NASDAQ: FSLR) Upgraded to Strong Buy as Q2 Execution De-Risks Slowing Momentum

Bank of America's Julien Dumoulin-Smith upgraded their rating on First Solar Inc (NASDAQ: FSLR) from Hold to Strong Buy on 2023/07/28. The analyst also raised their price target by 40.10% from $202.00 to $283.00.

According to Dumoulin-Smith, the company's management's execution in Q2 "partially de-risked" the slowing momentum, as stated after assessing the company's 2023/07/27 Q2 2023 report. This positive assessment suggests that First Solar should be able to outperform against "broader Cleantech uncertainty."

Other analysts who updated their ratings on FSLR on 2023/07/28 include:

- JP Morgan's Mark Strouse raised their price target by 15.63% and maintained their Hold rating on the stock. - BMO Capital's Ameet Thakkar raised their price target by 15.20% and maintained their Hold rating on the stock. - Guggenheim's Joseph Osha lowered their price target by -0.60% but maintained their Strong Buy rating on the stock.

Currently, 62.50% of top-rated analysts rate FSLR as a Strong Buy, 12.50% consider it a Buy, and 25.00% view it as a Hold. No analysts recommend or strongly recommend selling the stock.

Analysts have a consensus forecast that FSLR's upcoming year will deliver earnings per share (EPS) of $2.97. If these predictions hold true, FSLR's next yearly EPS will be up by 101.78% on a year-over-year basis.

Since FSLR's last quarterly report, the stock price has surged by 477.93%. Year-over-year, the stock is up 135.48%. During this period, FSLR has outpaced the S&P 500, which has only increased by 12.52%.

Julien Dumoulin-Smith, the Bank of America analyst who upgraded FSLR, is ranked in the top 10% of Wall Street analysts by WallStreetZen. With an average return of 3.47% and a 60.68% win rate, Dumoulin-Smith specializes in the Utilities and Industrials sectors, among others.

First Solar, Inc. is a company that provides photovoltaic (PV) solar energy solutions in various countries, including the United States, Japan, France, Canada, India, Australia, and internationally. The company focuses on designing, manufacturing, and selling cadmium telluride solar modules that convert sunlight into electricity. Its customer base includes developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners. First Solar, Inc. was founded in 1999 and is headquartered in Tempe, Arizona.

It's important to note that many investors find analysts' recommendations and price targets to be useful data points. However, different investors have different priorities and risk profiles. All investors should conduct their own investment due diligence before buying a stock.

What are WallStreet's top analysts forecasting for First Solar?

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