First Solar's Positive Outlook and Strong Financial Results Garner Analyst Attention

Goldman Sachs's Brian Kinstlinger raised their price target on First Solar (NASDAQ: FSLR) by 1.1% from $265 to $268 on 2024/05/02. The analyst maintained their Strong Buy rating on the stock.

First Solar, a provider of photovoltaic solar energy solutions, recently reported impressive financial results for the first quarter of 2024. The company's earnings per share (EPS) of $2.20 exceeded the Zacks Consensus Estimate of $1.90 by a significant margin and showed a staggering 450% increase from the same period last year. Additionally, First Solar's quarterly revenue of $794.1 million surpassed the Zacks Consensus Estimate of $715 million, representing a robust year-over-year growth of 44.8%.

Goldman Sachs analyst Brian Kinstlinger believes that First Solar's positive performance will continue, as the company's management has a favorable outlook on factors supporting selling price increases. Kinstlinger predicts that investors will closely monitor this optimistic outlook, as well as the ongoing policy uncertainty in the United States, both of which bode well for First Solar's future prospects.

CEO Mark Widmar expressed satisfaction with First Solar's start to 2024, highlighting the company's strong operating performance, selective bookings, and solid financial results. Widmar attributes these achievements to First Solar's differentiated technology and balanced business model, which enable the company to drive growth, navigate industry volatility, and deliver enduring shareholder value.

In addition to Goldman Sachs's Brian Kinstlinger, other analysts have also updated their ratings on First Solar on 2024/05/02. Mark Strouse of JP Morgan raised their price target by 1.3% from $237 to $240 and maintained their Strong Buy rating on the stock. Andrew Percoco of Morgan Stanley raised their price target by 1.2% from $245 to $248 and maintained their Strong Buy rating as well. On the other hand, Joseph Osha of Guggenheim lowered their price target by -0.8% from $359 to $356, but also maintained their Strong Buy rating.

It is worth noting that all top-rated analysts currently rate First Solar as a Strong Buy or Buy, with no analysts recommending a Hold or selling the stock. The consensus forecast among analysts is that First Solar's upcoming year will deliver an EPS of $11.91, representing a 24.1% increase on a year-over-year basis.

Since First Solar's latest quarterly report on 2024/05/01, the stock price has increased by 1.6%. Year-over-year, the stock has risen by 2.3%. However, during this period, First Solar has trailed behind the S&P 500, which has seen a significant increase of 22.9%.

Goldman Sachs analyst Brian Kinstlinger, who raised the price target on First Solar, is ranked in the top 13% out of 4,572 Wall Street analysts by WallStreetZen. Kinstlinger specializes in the Technology, Communication Services, and Industrials sectors and has an average return of 16.8% with a win rate of 38.3%.

First Solar, Inc., headquartered in Tempe, Arizona, provides photovoltaic solar energy solutions worldwide. The company designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. First Solar serves various customers, including developers, utilities, independent power producers, commercial and industrial companies, and other system owners.

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