BUZZ-Streetview: First Solar could see higher pricing ahead for backlog

Reuters05-02

** Shares of First Solar fall 0.6% to $176.41

** FSLR reported net profit of $236.6 mln, or $2.20 per share in Q1 2024 vs. $42.5 million, or 40 cents per share in Q1 2023

** Reports backlog at end of Q1 was 78.3GW at avg. selling price $(ASP.AU)$ of 29.9 cents per watt (c/W), booked 2.7GW from mid-Feb to end March at ASP of 31.3c/W

UPCOMING HIGHER PRICES TO DRIVE STOCK GROWTH

** Roth MKM (PT $230, maintains "buy") said stock fell in after-market in previous session on concerns of bookings cancellations, but see it as a non-issue

** BMO (PT $224, "outperform") says focus stays on ASPs in 2024 on incremental bookings, albeit on smaller volumes

** JP Morgan raises PT to $240 from $237, says April/May bookings could be subdued until U.S. Commerce Department announces whether an investigation will be conducted on the antidumping and countervailing duties case regarding China, but potential case presents upside risks to FSLR's bookings and ASPs remaining elevated for longer than expected

** Oppenheimer raises PT to $271 from $269 reflecting the share of earnings power from tax credits; see potential for further margin expansion as FSLR realizes higher pricing and drives higher conversion efficiency

(Reporting by Seher Dareen in Bengaluru)

((Seher.Dareen@thomsonreuters.com;))

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