Latest news for Sheng Siong Gr (OTC:SHSGF) Stock

Sheng Siong Group Ltd is a Singapore-based company that is principally engaged in the retail business. The company operates through the Sheng Siong Groceries chain, with stores located across Singapore. The company offers "wet and dry" merchandise, including fresh and chilled goods (such as seafood, meat, and vegetables), processed, frozen, and preserved food products; and general merchandise (like toiletries and essential household products). The company has its own distribution network, food-processing facilities, and warehousing facilities. The Group operates in one segment which relates to the provision of supermarket supplies and supermarket operations. The Group's operations are mainly located in Singapore.

SHENG SIONG GROUP LTD by SHENG SIONG GROUP LTD.

Sheng Siong Group Ltd

<a href="https://www.youtube.com/watch?v=hb1eHcqGpY0" title="https://www.youtube.com/watch?v=hb1eHcqGpY0">https://www.youtube.com/watch?v=hb1eHcqGpY0</a>

Macro Economic Events

News

Economics

Federal Reserve

Fed Chair Powell Says Growth Of Consumer Spending Remains Solid But Has Slowed; In Housing Sector Investment Stalled In Q2; Unemployment Rate Remains Low; Data Suggests Labor Market Has Returned To Where It Was On Eve Of Pandemic; Broad Set Of Labor Market Indicators Show It Is Strong But Not Overheated; Inflation Remains Somewhat Above 2% Goal; Longer-Term Inflation Expectations Appear Well Anchored

JP Morgan analyst Robbie Marcus maintains AtriCure (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATRC#NASDAQ">ATRC</a>) with a Overweight and lowers the price target from $34 to $30.

Price Target

Analyst Ratings

ATRC

JP Morgan Maintains Overweight on AtriCure, Lowers Price Target to $30

Fed's Chair Powell Says Labor Market Has Come Into Better Balance;Maintaining Our Restrictive Stance; Attentive To Risks On Both Sides Of Dual Mandate; Attentive To Risks On Both Sides Of Our Mandate; Remain Squarely Focused On Dual Mandate; Made Considerable Progress On Both Goals In Past 2 Years; Strongly Committed To Returning Inflation To 2% Goal

A &#8220;White Dudes for Kamala Harris&#8221; account on Elon Musk&#8216;s <a href="https://www.benzinga.com/topic/x">social media platform X</a> was temporarily suspended following a star-studded Zoom fundraiser.
What Happened: Following President Joe Biden&#8216;s exit from the 2024 presidential race, Vice President Kamala Harris&#8216; campaign has received a <a href="https://www.benzinga.com/news/24/07/40024472/kamala-harris-raises-200m-in-a-week-66-of-that-money-is-from-donors-reveals-campaign-manager-a-peopl">groundswell of support</a> from Democratic donors, including the group &#8220;White Dudes for Harris.&#8221; 
The initiative, organized by Ross Morales Rocketto, was temporarily suspended from X following a successful fundraiser on July 29.
Morales Rocketto <a href="https://x.com/RossMoRock/status/1818134944528388110">shared</a> an email he received from X, informing him that the account was suspended for &#8220;violating our rules against evading suspension.&#8221; The account was created two days earlier.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Seems like <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> might be a little scared. <a href="https://t.co/919kKXxQGu">pic.twitter.com/919kKXxQGu</a>
&mdash; Ross Morales Rocketto (@RossMoRock) <a href="https://twitter.com/RossMoRock/status/1818134944528388110?ref_src=twsrc%5Etfw">July 30, 2024</a></blockquote>
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&#8220;Seems like <a href="https://x.com/elonmusk">@elonmusk</a> might be a little scared,&#8221; the activist posted, in reference to the organization&#8217;s fundraiser that occurred a few hours earlier. 
Musk <a href="https://www.benzinga.com/markets/24/07/39877083/elon-musk-may-have-endorsed-trump-but-tesla-would-have-done-even-worse-without-bidens-7-5k-ev-tax-cr">endorsed Harris&#8217; opponent</a>, former President Donald Trump, on July 13. Musk bought X, formerly known as Twitter, in 2022, <a href="https://www.benzinga.com/m-a/22/10/29439018/elon-musks-reasons-for-buying-twitter-i-didnt-do-it-to-make-money-i-did-it-to-try-to-help-humanity">citing a need</a> to preserve free speech.
The White Dudes for Harris call <a href="https://whitedudesforharris.com/">included</a> several potential Harris running mates — Secretary of Transportation Pete Buttigieg, Minnesota Governor Tim Walz, Illinois Governor J.B. Pritzker and Michigan Senator Gary Peters. The fundraiser also featured appearances from actors Jeff Bridges (who played &#8220;The Dude&#8221; in the 1998 cult classic &#8220;The Big Lebowski&#8221;), Mark Hamill, Josh Gad and Joseph Gordon-Levitt. The event raised $4 million in donations.
&#8220;White Dudes for Harris&#8221; came after similar group-based events, including "Black Men for Harris"&nbsp;and &#8220;White Women for Harris.&#8221;
X <a href="https://x.com/dudes4harris/status/1818327489166373275">reinstated</a> the account a few hours after Morales Rocketto&#8217;s post.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/personal-finance/24/07/40069391/kamala-harris-endorsed-by-biden-will-she-save-social-security-from-insolvency-or-burden-future-g">Kamala Harris Endorsed by Biden: Will She Save Social Security from Insolvency or Burden Future Generations with Higher Taxes?</a></li>
</ul>

Politics

Tech

Elon Musk's X Suspends 'White Dudes For Kamala Harris' Account After $4M Fundraiser: Trump Supporter 'Might Be A Little Scared'

Argus Research analyst Joseph Bonner upgrades SAP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>) from Hold to Buy.

Upgrades

Argus Research Upgrades SAP to Buy

WIIM

Talen Energy shares are trading higher today after the release of results of the annual power market auction by PJM Interconnection.

JP Morgan analyst Ann Duignan maintains AGCO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGCO#NYSE">AGCO</a>) with a Overweight and lowers the price target from $130 to $115.

AGCO

JP Morgan Maintains Overweight on AGCO, Lowers Price Target to $115

<a href="https://www.youtube.com/watch?v=hb1eHcqGpY0">https://www.youtube.com/watch?v=hb1eHcqGpY0</a>
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LIVE: Watch FOMC Press Conference July 31, 2024

JP Morgan analyst Brian Ossenbeck maintains Werner Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WERN#NASDAQ">WERN</a>) with a Underweight and raises the price target from $32 to $37.

WERN

JP Morgan Maintains Underweight on Werner Enterprises, Raises Price Target to $37

Alliance Global Partners analyst Brian Kinstlinger downgrades Rimini Street (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMNI#NASDAQ">RMNI</a>) from Buy to Neutral.

Downgrades

RMNI

Alliance Global Partners Downgrades Rimini Street to Neutral

Leidos Holdings, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LDOS#NYSE">LDOS</a>) reported better-than-expected second-quarter<a href="https://www.benzinga.com/news/earnings/24/07/40047065/defense-stock-leidos-q2-revenue-surges-8-raises-annual-outlook"> fiscal 2024 earnings on Tuesday</a>.
The company posted revenue growth of 8% year-over-year to $4.13 billion, beating the analyst consensus estimate of $4.06 billion, driven by demand across all customer segments, especially for managed health services. The defense, aviation, information technology, and biomedical research company's adjusted EPS was $2.63, up 46% year over year, beating the analyst consensus estimate of $2.27.
CEO Thomas Bell commented, "Our collaborative innovation strategy and capabilities-based organization position us well to deliver on our commitments for the remainder of 2024 and beyond."
Leidos expects fiscal 2024 revenue of $16.1 billion-$16.4 billion (prior $16.0 billion – $16.4 billion). The analyst consensus stands at $16.25 billion. The company expects its fiscal 2024 adjusted EPS of $8.60 – $9.00 (prior $8.40 – $8.80) versus the $8.82 consensus.
Leidos shares fell 2% to trade at $143.04 on Wednesday.
These analysts made changes to their price targets on Leidos following earnings announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5dfa5c7f3513fb0001efbfda/ken-herbert">RBC Capital analyst Ken Herbert </a>maintained Leidos with a Sector Perform rating, while raising the price target from $140 to $145.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58c1499cb85e93000132aab7/seth-seifman">JP Morgan analyst Seth Seifman</a> maintained the stock with an Overweight rating and increased the price target from $165 to $175.</li>
</ul>
Read More:<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/40068197/jim-cramer-says-this-home-improvement-chain-is-a-buy-ahead-of-fed-rate-cut-cycle-i-would"> </a>
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/40068197/jim-cramer-says-this-home-improvement-chain-is-a-buy-ahead-of-fed-rate-cut-cycle-i-would">Jim Cramer Says This Home Improvement Chain Is A Buy Ahead Of Fed Rate Cut Cycle: &#8216;I Would Pick Some Up Tomorrow&#8217;</a></li>
</ul>

Earnings

Markets

Trading Ideas

LDOS

These Analysts Raise Their Forecasts On Leidos Following Strong Earnings

Sony Group Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) has signed a multi-year agreement with the National Football League (NFL) to become its official technology and headphones partner.
The partnership will see Sony producing the official NFL headset, which coaches and team employees will use during games.
The new headsets are set to debut in 2025. The financial terms of the deal were not disclosed, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-31/nfl-strikes-sony-deal-for-coaching-headsets-and-in-game-tech?srnd=phx-technology&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
The headsets will feature Sony branding starting next year, replacing the previous partner, Bose, which ended its sponsorship in 2022.
Additionally, Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) branding will appear on the headsets for the international series games and during the Super Bowl.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/gaming/24/07/40035765/sag-aftra-calls-video-game-strike-over-ai-concerns" rel="noreferrer noopener">SAG-AFTRA Calls Video Game Strike Over AI Concerns</a>
The NFL plans to expand the use of Sony's Hawk-Eye Innovations in officiating and developing on-field and sideline technology. Hawk-Eye is a data tech program that helps with judging close calls and speeding up the game.
This technology improves accuracy in spotting the ball and identifying the first down marker. It also powered Disney and ESPN's "Toy Story Funday Football" alternate game presentation last season.
An electronic first down system will be tested in the preseason. Prior to this deal, Sony and the NFL had an existing relationship.
In July, they signed an agreement to bring NFL Media's series "GMFB: Overtime" to The Roku Channel. The NFL had already been using Sony's technology, including Hawk-Eye, photography, and camera tech.
Price Action: SONY shares are trading higher by 0.14% at $88.50 at the last check on Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/gaming/24/07/39736917/sony-pocketpair-collaborate-to-expand-palworlds-global-presence" target="_blank" rel="noreferrer noopener">Sony, Pocketpair Collaborate To Expand Palworld's Global Presence</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Wikimedia Commons

Media

General

Sony Group Corporation American Depositary Shares

SONY

Sony Inks Multiyear Deal As NFL's Official Tech And Headphones Partner

JP Morgan analyst Stephen Tusa maintains Watsco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSO#NYSE">WSO</a>) with a Neutral and raises the price target from $420 to $425.

JP Morgan Maintains Neutral on Watsco, Raises Price Target to $425

AMRN

Amarin shares are trading lower. The company reported Q2 financial results.

LendingClub shares are trading higher after the company reported better-than-expected Q2 financial results. Also, multiple firms raised their respective price targets on the stock.

Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) saw its shares surge in its stock price following its second-quarter earnings report,<a href="https://www.benzinga.com/quote/AMD/earnings"> which exceeded expectations.</a>
The semiconductor giant reported earnings of $0.69 per share, surpassing the consensus estimate of $0.68, and sales of $5.835 billion, also ahead of the $5.724 billion forecast. 
Here's how analysts from top firms reacted to AMD's latest performance.
<h1 class="wp-block-heading">BofA Securities: Cautious Optimism Amidst Rising Costs</h1>
BofA Securities analyst Vivek Arya maintains a Buy rating but revises the price target down to $180 from $195.
Arya praises AMD's performance, highlighting strong AI investments and recovery in PC/server markets. However, he notes rising operational expenses and only modest margin expansion as potential concerns. 
Arya expects AMD to grow its sales by 23% YoY in CY24 but warns that near-term consensus expectations might be overly optimistic given the rising cost profile.
<h1 class="wp-block-heading">JPMorgan: Strong Data Center Growth Fuels Optimism</h1>
JPMorgan analyst Harlan Sur keeps a Neutral rating with a $180 price target for AMD.
Sur lauds AMD&#8217;s impressive second-quarter performance, driven by a 21% sequential rise in data center revenues and better-than-expected PC client shipments. He notes AMD's increased CY24 data center GPU outlook to over $4.5 billion, citing improved supply chain dynamics. 
Sur anticipates continued growth in data center and PC segments but a decline in gaming revenue and modest growth in embedded.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40069119/can-amd-stock-hit-180-ai-growth-fuels-data-center-dominance-over-intel">Can AMD Stock Hit $180? AI Growth Fuels Data Center Dominance Over Intel</a>
<h1 class="wp-block-heading">Goldman Sachs: Data Center Growth Drives Future Prospects</h1>
Goldman Sachs analyst Toshiya Hari keeps a Buy rating with a 12-month price target of $175.
Hari views AMD&#8217;s robust data center GPU traction and improving server CPU market share positively. 
While acknowledging potential near-term margin pressures due to increased AI investments, Hari is optimistic about AMD&#8217;s growth trajectory, especially in data center GPUs and enterprise servers. 
He expects AMD to continue outperforming competitors like Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
<h1 class="wp-block-heading">Cantor Fitzgerald: Adjusted Price Target Reflects Market Realities</h1>
Cantor Fitzgerald analyst C.J. Muse lowers the price target to $180 from $200 but remains Overweight on the stock.
Muse is encouraged by AMD's raised MI300 revenue outlook to over $4.5 billion and strong performance in server CPUs. He notes that while investor fears about MI300 demand may have been overstated, the company&#8217;s gaming and embedded businesses are experiencing challenges. 
Muse expects AMD to benefit from robust server CPU and client CPU growth despite a more muted outlook for gaming.
<h1 class="wp-block-heading">KeyBanc Capital Markets: Positive Outlook Driven by MI300</h1>
KeyBanc Capital Markets analyst John Vinh maintains an Overweight rating, bolstered by AMD's strong second-quarter results and raised MI300 revenue outlook. The price target is $220.
Vinh highlights the continued growth in traditional server markets and above-seasonal PC demand driven by new product launches. 
While noting weaker projections for embedded and gaming segments, he is optimistic about AMD's overall performance and growth potential in the AI and server markets.
<h1 class="wp-block-heading">Wedbush Securities: Bullish on AI and Market Position</h1>
Wedbush Securities analyst Matt Bryson reiterates an Outperform rating with a price target of $200.
Bryson is impressed by AMD's performance, particularly the strong growth in MI300 sales and the revised 2024 revenue outlook. 
He views AMD as a major contender in the AI GPU market, with potential to surpass expectations in 2025. Bryson remains positive about AMD's growth in server compute and PC sales, despite challenges from competitors.
<h1 class="wp-block-heading">Oppenheimer: Cautious Amidst Market Pressures</h1>
Oppenheimer analyst Rick Schafer maintains a Perform rating, citing AMD's mixed outlook and the potential dilution of its AI growth story by low-growth segments like PC and gaming.
Schafer notes that while AMD&#8217;s AI product ramp is impressive, ongoing challenges in gaming and embedded markets temper his optimism. He remains cautious about AMD's ability to sustain profitability in a competitive landscape.
<h1 class="wp-block-heading">Truist Securities: Concerns Over Market Position</h1>
Truist Securities analyst William Stein raises the price target to $156 but stays at a Hold rating.
Stein acknowledges AMD&#8217;s raised AI GPU guidance and solid data center growth but remains concerned about AMD's competitive positioning compared to Nvidia. 
He highlights potential pressures from new CPU competitors and maintains a cautious stance on AMD's long-term prospects.
<h1 class="wp-block-heading">ROTH • MKM: Confident in AI Momentum</h1>
ROTH • MKM analyst Suji Desilva continues with a Buy rating and a price target of $200.
Desilva is encouraged by AMD's raised AI GPU revenue expectations and broadening traction in data center and client segments. Despite challenges in gaming and embedded markets, Desilva remains confident in AMD's ability to deliver strong growth and maintains a positive outlook on its AI and data center businesses.
AMD&#8217;s second-quarter earnings report has received a range of reactions from analysts, reflecting a mix of optimism about the company&#8217;s AI and data center growth, tempered by concerns over rising costs and competitive pressures.
Most analysts remain positive about AMD's long-term prospects, with some adjusting their price targets to reflect current market conditions and future expectations.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/40075653/amd-ceo-lisa-su-says-ai-is-in-early-stages-of-multiyear-supercycle-theres-tremendous-need-for-more-">AMD CEO Lisa Su Says AI Is In Early Stages Of Multiyear &#8216;Supercycle&#8217;: &#8216;There&#8217;s Tremendous Need For More Compute&#8217;</a></li>
</ul>
Photo: Shutterstock

Analyst Color

Long Ideas

INTC

NVDA

AMD's Q2 Earnings: 9 Analysts Remain Positive On Long-Term Prospects, AI Optimism Tempered By Cost Concerns

Meteorologists are tracking a low-pressure system in <a href="https://www.benzinga.com/markets/esg/24/05/39012013/noaa-meteorologists-predict-aggressive-hurricane-season-what-it-means-for-home-depot-generac-other-s">the Atlantic Ocean </a>just east of of the Caribbean Islands that may develop into a tropical storm by the time it reaches the U.S. over the next few days.
The storm is &#8220;relatively dormant or poorly organized&#8221; as a tropical wave, but it may strengthen as it approaches Florida, AccuWeather<a href="https://www.accuweather.com/en/hurricane/caribbean-and-us-on-alert-as-tropical-rainstorm-may-strengthen/1673320"> reported</a>.
A tropical wave is a low-pressure area that moves from the Indian Ocean across Africa to the Atlantic Ocean and sometimes develops into a tropical depression, tropical storm or hurricane. Tropical waves typically increase in August due to high water temperatures and less disruption from dry air, dust and wind shear, which are stiff, steady breezes.
&#8220;Around this weekend, the wave will move into an area with fairly low shear and ample moisture, and that could allow some organization and strengthening,&#8221; Alex DaSilva, AccuWeather&#8217;s lead hurricane expert, said.
Read Also: <a href="https://www.benzinga.com/top-stories/24/07/39668096/hurricane-beryl-expected-to-weaken-to-tropical-storm-as-it-hits-texas">Hurricane Beryl Expected To Weaken To Tropical Storm As It Hits Texas</a>
&#8220;The tropical wave is currently battling a harsh environment in a sea of dry air as it moves west across the Atlantic. The dry air is working to keep the wave from gaining any organization during this week,&#8221; he added.
The tropical wave is expected to strengthen into tropical rainstorm after meeting with &#8220;another ripple in the atmosphere,&#8221; AccuWeather said, but it is unknown exactly when and where that will happen.
This feature will interact with another ripple in the atmosphere in the short term, causing the two to consolidate into one low-pressure area.
&#8220;A major caveat is where the tropical rainstorm tracks,&#8221; DaSilva said. &#8220;If it tracks north of the Greater Antilles, then it will have a better chance to develop, as it will be removed from the towering mountains of Puerto Rico, Hispaniola and Cuba.&#8221; 
If the storm moves just to the north of the big islands of the northern Caribbean later this week, it may be a concern for the East Coast states, including Florida and the Carolinas. But if the storm tracks over the big islands, it may be more of a problem for the U.S. Gulf Coast later on, according to AccuWeather.
Price Action: Companies that make electric generators and the retailers that sell them showed mixed performances by Wednesday&#8217;s midday trading.
<ul>
<li>Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) declined 1.83% to $152.72</li>
<li>Ingersoll Rand Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IR#NYSE">IR</a>) picked up 1.36% to $100.2</li>
<li>The Home Depot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) gained 1.25% to $368.29 </li>
<li>Loews Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/L#NYSE">L</a>) slipped 0.35%</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39581491/whats-going-on-with-cruise-stocks-as-category-4-hurricane-beryl-churns-in-the-caribbean">What&#8217;s Going On With Cruise Stocks As Category 4 Hurricane Beryl Churns In the Caribbean?</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Retail Sales

GNRC

Tropical Wave In Atlantic May Strengthen Into Storm, Poses Threat To US Coastlines

JP Morgan analyst Peter Peng maintains Skyworks Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>) with a Neutral and raises the price target from $105 to $120.

SWKS

JP Morgan Maintains Neutral on Skyworks Solutions, Raises Price Target to $120

Goldman Sachs analyst Brian Lee reiterated a Buy rating on First Solar, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) with a <a target="_blank" href="https://www.benzinga.com/quote/FSLR/analyst-ratings" rel="noreferrer noopener">price target of $311, up from $302</a>.
First Solar reported fiscal 2024 <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40051107/first-solar-reports-strong-q2-results-eps-beat-sales-up-24" rel="noreferrer noopener">second-quarter revenue</a> of $1 billion, above Goldman Sachs estimate and FactSet consensus of $969 million and $940 million, supported by ~3.4GW of shipments (vs. Goldman Sachs estimate of 3.4GW).
The consolidated gross margin of 49.4% came in well above Goldman Sachs&#8217;s estimate of 42.7%. The improvement in gross margins drove the large EPS beat as FSLR reported adjusted EPS of $3.25 versus Goldman Sachs estimate and consensus of $2.68 and $2.71.
Looking ahead, the analyst said that First Solar remains in a position of strength to potentially benefit from ongoing uncertainties in the market and secular demand uplift from megatrends such as load growth primarily driven by data center demand.
Lee continues to anticipate policy uncertainties about the November presidential election to be an overhang on the stock in terms of headline risk; however, policy uncertainty in the U.S. tends to be a tailwind for First Solar and will likely be of heightened focus for investors over the coming quarters.
Lastly, as the company continues to make progress on technology, Lee expects incremental ASP adders to be a critical catalyst that could drive ASPs higher in 2025-2028, which would provide an uplift to both revenue and earnings.
Lee projects fiscal 2024 revenue and EPS of $4.44 billion (prior $4.53 billion) and $13.74 (prior $13.64).
RBC analyst Christopher Dendrinos had an Outperform rating with a price target of $315.
Dendrinos noted that First Solar reported a strong earnings beat and affirmed its guideline. However, revenues, net cash, and sales volumes will likely be at the lower end of the guideline due to a customer termination.
Pricing remains solid, but the analyst said near-term political uncertainty is complicating customer decisions and causing some to pause orders. While a Republican sweep does create an elevated risk of an IRA repeal, the analyst flagged the 45X domestic manufacturing tax credit will continue to garner bipartisan support and thinks that the Republican Party&#8217;s more aggressive protectionist policies could strengthen First Solar&#8217;s competitive position and keep foreign manufacturers from expanding domestically.
Dendrinos projected fiscal 2024 revenue and EPS of $4.43 billion (prior $4.44 billion) and $13.47 (prior $13.37).
KeyBanc analyst Sophie Karp remained Sector Weight, given persistent macro concerns related to pricing and policy trajectory.
Karp said that, with an uncertain policy environment, First Solar saw its bookings slow down.
According to the analyst, the company remained selective, and its customer base became more cautious, given multiple policy uncertainties related to the U.S. elections and tariff proceedings.
Karp projected fiscal 2024 revenue and EPS of $4.6 billion and $13.3.
Piper Sandler analyst Kashy Harrison had an Overweight rating with a price target of $250.
Given recent delivery pricing, First Solar&#8217;s order pricing aligned with Harrison&#8217;s expectations. However, the lack of meaningful order momentum was disappointing, per the analyst.
He said that order weakness is mainly driven by policy uncertainty, which may disproportionately impact First Solar since the company is booking fiscal 2027 and 2028 orders.
On a positive note, Harrison noted that First Solar highlighted its data center exposure and provided some catalysts that should improve its domestic position over time.
Overall, investors were looking for solid order pricing and momentum but will likely need to wait until the elections have concluded to improve confidence in the long-term trajectory.
Harrison projected fiscal 2024 revenue and EPS of $4.45 billion and $13.50 (prior $13.74).
Oppenheimer analyst Colin Rusch had an Outperform rating with a price target of $326, up from $325.
First Solar delivered strong results while reiterating guidance despite an anticipated 400MW de-booking in the quarter, Rusch noted.
While he said investors are correctly focused on risk to the IRA from a possible Republican sweep and the potential positive impact of import duty level determination in the recent AD/CVD ruling, underlying demand appears to be strong as pricing on new bookings continued higher, including a new U.S. customer supporting a hyperscaler with 0.6GWW project.
The analyst continues to see an upside to power pricing and generation equipment driven by data center demand. He is also encouraged by incremental improvement on Series 7 conversion efficiency, suggesting potential for First Solar to capture nearly $0.02/W in contracted technology adders.
Rusch projected fiscal 2024 revenue and EPS of $4.5 billion and $13.60 (prior $13.65).
Price Action: FSLR shares traded lower by 0.06% at $210.77 at the last check on Wednesday.
Photo by mariana-proenca via Unsplash

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Sheng Siong Gr

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