First Solar (FSLR) Lifted to “Strong-Buy” at Zacks Investment Research
First Solar (NASDAQ:FSLR) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday. The firm presently has a $81.00 target price on the solar cell manufacturer’s stock. Zacks Investment Research‘s target price points to a potential upside of 15.63% from the stock’s previous close.
According to Zacks, “First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the solar market. In fact, First Solar’s constant product innovation efforts will continue to attract customers and expand its revenue stream. The company also outperformed the broader industry in the last year. However, President Trump’s recent walk out from the landmark Paris deal, apart from initiatives to repeal the Clean Power Plan and boost coal production has kept the entire solar industry under immense pressure.”
Several other brokerages have also weighed in on FSLR. Deutsche Bank raised shares of First Solar from a “hold” rating to a “buy” rating and raised their price objective for the stock from $50.00 to $65.00 in a report on Friday, September 15th. Robert W. Baird reissued a “hold” rating and set a $50.00 price objective on shares of First Solar in a report on Friday, September 1st. Vetr lowered shares of First Solar from a “strong-buy” rating to a “buy” rating and set a $51.52 price objective for the company. in a report on Wednesday, October 18th. JMP Securities set a $67.00 price objective on shares of First Solar and gave the stock a “buy” rating in a report on Wednesday, August 16th. Finally, Axiom Securities reissued a “buy” rating on shares of First Solar in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. First Solar presently has a consensus rating of “Buy” and a consensus price target of $61.00.
First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $1.11. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $859.22 million. First Solar had a negative net margin of 14.70% and a positive return on equity of 8.07%. The firm’s revenue for the quarter was up 59.5% compared to the same quarter last year. During the same period last year, the business earned $1.22 EPS. analysts forecast that First Solar will post 2.47 earnings per share for the current year.
In other news, CEO Mark R. Widmar sold 20,270 shares of First Solar stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $64.40, for a total value of $1,305,388.00. Following the completion of the transaction, the chief executive officer now directly owns 100,754 shares of the company’s stock, valued at approximately $6,488,557.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.58% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Public Employees Retirement Association of Colorado lifted its position in First Solar by 1.1% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 15,100 shares of the solar cell manufacturer’s stock valued at $602,000 after purchasing an additional 165 shares during the last quarter. Intellectus Partners LLC lifted its position in First Solar by 1.2% in the 2nd quarter. Intellectus Partners LLC now owns 17,450 shares of the solar cell manufacturer’s stock valued at $696,000 after purchasing an additional 200 shares during the last quarter. Alliancebernstein L.P. lifted its position in First Solar by 0.8% in the 2nd quarter. Alliancebernstein L.P. now owns 47,767 shares of the solar cell manufacturer’s stock valued at $1,905,000 after purchasing an additional 360 shares during the last quarter. Pacer Advisors Inc. lifted its position in First Solar by 4.9% in the 2nd quarter. Pacer Advisors Inc. now owns 10,117 shares of the solar cell manufacturer’s stock valued at $403,000 after purchasing an additional 470 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in First Solar by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 33,000 shares of the solar cell manufacturer’s stock valued at $1,316,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 51.21% of the company’s stock.
First Solar Company Profile
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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