These Analysts Boost Their Forecasts On First Solar Following Upbeat Results

Benzinga05-02

First Solar, Inc. (NASDAQ:FSLR) reported upbeat results for the first quarter on Wednesday.

First Solar posted GAAP earnings of $2.20 per share, beating market estimates of $1.97 per share. The company posted sales of $794.000 million versus expectations of $702.175 million, according to data from Benzinga Pro.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt fell to $1.4 billion at the end of the first quarter versus $1.6 billion at the end of the earlier quarter.

“We are pleased with our start to 2024, with good operating performance, selective bookings with a year to date ASP over 31 cents per watt excluding adjusters, and solid financial results,” said Mark Widmar, CEO of First Solar. “Our differentiated technology and balanced business model are enabling us to drive growth, navigate industry volatility and deliver enduring shareholder value.”

First Solar maintained its 2024 guidance, expecting earnings of $13 to $14 per share and revenue of $4.4 billion to $4.6 billion.

First Solar shares gained 0.7% to close at $177.58 on Wednesday.

These analysts made changes to their price targets on First Solar following earnings announcement.

  • Goldman Sachs raised the price target on First Solar from $265 to $268. Goldman Sachs analyst Brian Kinstlinger maintained a Buy rating.
  • Morgan Stanley boosted the price target on First Solar from $245 to $248. Morgan Stanley analyst Andrew Percoco maintained an Overweight rating.
  • Mizuho increased the price target on First Solar from $196 to $209. Mizuho analyst Maheep Mandloi maintained a Buy rating.
  • Jefferies boosted the price target on First Solar $209 to $211. Jefferies analyst Dushyant Ailani maintained a Buy rating.
  • Oppenheimer raised the price target on First Solar from $269 to $271. Oppenheimer analyst Colin Rusch maintained an Outperform rating.

Read More: Jim Cramer: This PC Maker Is A ‘Good Stock To Own’, Okta Is ‘Terrific’

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