These Analysts Boost Their Forecasts On First Solar Following Upbeat Results

First Solar, Inc. 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.

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