First Solar Up 17% After Q1 Report, Raised Guidance, Johnson Upgrade

First Solar, Inc. FSLR shares are trading higher by $5.13 (17 percent) at $35.45 in Wednesday's session.

There are a few different catalysts for the stock having one of its best days since its monster rally in late 2015.

• After Tuesday's close, the company reported a Q1 adjusted EPS beat of $0.25 that may not compare with $(0.13) estimates and posted a $16 million beat for sales.
• The company significantly raised its FY 2017 adjusted EPS and nudged its sales guidance a bit higher.
• Long-term solar bear, Gordon Johnson of Axiom Capital, upgraded the stock from Sell to Hold.

The rally from the after-hours and pre-market session carried over into the regular session.

After a much higher open, First Solar's stock had a brief $0.35 retreat to $32.15 before continuing its moves higher. So far, it has reached $36.27 but has retreated back into the $35.00 handle. That marks the highest level for the issue since it peaked on March 1 at $36.88.