On June 11, First Solar rose 5.01% in regular trading, trading at $260.94/share, with turnover of $124 million.
On the news front, UBS raised its target price on First Solar from $290 to $330 while maintaining a buy rating. The upgrade came after the stock had experienced a cumulative decline of nearly 10% over the prior two sessions, driven by analyst downgrades following a divergence between the company's earnings performance and order backlog. UBS's contrarian upgrade has helped restore market confidence. The average analyst rating remains overweight with a mean price target of $249.74 according to FactSet.
Within the Semiconductors sector, the broader industry rebounded strongly. Among individual stocks, Intel up 8.01%, Marvell Technology up 5.63%, Advanced Micro Devices up 4.86%, Micron Technology up 2.94%, NVIDIA up 1.05%, providing additional support to First Solar's recovery.
First Solar is a leading U.S. solar technology company and the world's largest thin-film photovoltaic solar module manufacturer, developing and selling cadmium telluride solar modules that convert sunlight into electricity.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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