Movement Alert|First Solar Rises 5.01% in Regular Trading, UBS Raises Target Price to $330 Maintaining Buy Rating

Market Focus06-11

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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment