Why First Solar Stock Is Charging Higher Today

First Solar Inc (NASDAQ:FSLR) shares are rising Wednesday after the company reported better-than-expected results and issued strong guidance. Goldman Sachs also raised its price target well above current levels.

• Q4 Revenue: $1 billion beat estimates of $989.28 million
• Q4 EPS: Loss of 7 cents beat estimates for a loss of 15 cents

First Solar said it saw a strong increase in revenue as a result of increased module sales and the sale of the company's Luz del Norte project in Chile.

Cash, equivalents and marketable securities increased to $2.4 billion by the end of the fourth quarter, up from $1.7 billion at the end of the prior quarter.

"We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities. This momentum is driven by our points of differentiation," said Mark Widmar, CEO of First Solar.

First Solar expects full-year 2023 revenue to be in a range of $3.4 billion to $3.6 billion versus estimates of $3.34 billion.

Following the company's quarterly results, Goldman Sachs analyst Brian Lee maintained First Solar with a Buy rating and raised the price target from $231 to $260.

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FSLR Price Action: First Solar has a 52-week high of $185.28 and a 52-week low of $59.60.

The solar stock was up 7.07% at $181.10 at time of publication, according to Benzinga Pro.

Photo: courtesy of First Solar.