On April 30, we noted, “FSLR is consolidating around $182 a share. From here, we’d like to see it break higher, with a potential test of $200 near term. Helping, analysts at Evercore ISI just upgraded the stock to an outperform rating with a price target of $227. In addition, President Biden unveiled a $7 billion grant for solar power under the Inflation Reduction Act.”
At the time, FSLR traded at around $177. Today, it’s up to $191.55 and taking off.
All thanks to earnings. In its first quarter, the company’s EPS of $2.20 beat by 22 cents. Revenues of $794 million, up 44.8% year over year, beat by $71.9 million.
“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, First Solar’s CEO. “Our differentiated technology and balanced business model are enabling us to drive growth, navigate industry volatility and deliver enduring shareholder value.
