In a report released today, Mark Strouse from J.P. Morgan maintained a Buy rating on First Solar (FSLR – Research Report), with a price target of $240.00.
Mark Strouse has given his Buy rating due to a combination of factors including First Solar’s strong first-quarter performance, their maintained guidance for the fiscal year 2024, and the potential for increased bookings and Average Selling Price (ASP). The company’s recent results exceeded expectations largely due to the timing of deliveries, and they have managed to keep their ASPs robust, which aligns with their strategic focus on pricing over volume. This is supported by a multi-year backlog and recent increases in US module pricing, suggesting a favorable market positioning for First Solar.
Additionally, Strouse is optimistic about the upside risks associated with the potential Anti-Dumping/Countervailing Duties (AD/CVD) investigation, which could lead to elevated booking volumes and sustained high ASPs. Despite the stock’s recent outperformance, Strouse believes it remains undervalued, particularly given First Solar’s status as a preferred domestic supplier for US customers. The acceleration of First Solar’s CuRe technology rollout has also prompted an increase in future earnings estimates, underpinning the positive outlook and leading to an updated year-end 2024 price target of $240.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $248.00 price target.
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First Solar (FSLR) Company Description:
First Solar, Inc. engages in designing, manufacturing, marketing, and distribution of photovoltaic solar power systems and solar modules. It operates through the Modules and Systems segments. The Modules segment involves in the design, manufacture, and sale of cadmium telluride solar modules, which convert sunlight into electricity. The Systems segment offers development, construction, operation, and maintenance of photovoltaic solar power systems. The company was founded by Michael J. Ahearn in 1999 and is headquartered in Tempe, AZ.
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