First Solar's (FSLR) Buy Rating Reiterated at Truist Financial

Equities research analysts at Truist Financial recently reaffirmed a "buy" rating for First Solar, Inc. (NASDAQ:FSLR) in a report that was shared with investors on Wednesday. They set a target price of $285.00 for the solar energy company's stock, which is a decrease from their previous target of $300.00.

This target price suggests a significant potential upside of 93.27% from the stock’s last closing price. The analysts believe that the company has strong future growth potential despite the adjustment in the price target.

Analysts' Insights

Several other financial institutions have also analyzed First Solar's prospects recently. For instance, The Goldman Sachs Group reduced its price target on First Solar from $311.00 to $279.00, maintaining a "buy" rating in their assessment issued on October 30. Additionally, Bank of America lowered its target price from $246.00 to $236.00 while still endorsing a "buy" rating.

Other insights include StockNews.com upgrading First Solar from a "sell" to a "hold" rating and Evercore ISI decreasing their price target from $281.00 to $278.00 while rating the stock as "outperform." Robert W. Baird also revised their target price downward from $307.00 to $267.00 with an "outperform" rating.

Overall, the stock has received a mix of ratings, with three analysts recommending a hold, twenty-three advising a buy, and two suggesting a strong buy. According to MarketBeat, First Solar currently holds an average rating categorized as "Moderate Buy," and it has a consensus price target of $275.00.

Current Stock Performance

On Wednesday, shares of First Solar opened at $147.46, reflecting the recent market activity. The stock has experienced volatility, with a one-year low of $141.76 and a high of $306.77. Key financial metrics for First Solar include a market capitalization of $15.79 billion, a P/E ratio of 12.70, and a debt-to-equity ratio of just 0.05. The firm maintains strong liquidity with a quick ratio of 1.44 and a current ratio of 2.14.

Recent Financial Results

First Solar recently reported its earnings, revealing an earnings per share (EPS) of $3.65 for the last quarter. This figure fell short of analysts' expectations, which had called for an EPS of $4.81, indicating some challenges in exceeding market forecasts. The company reported a return on equity of 17.56% and a net margin of 32.41%. Analysts predict that First Solar will achieve an EPS of 13.05 for the current fiscal year.

Investments by Hedge Funds

Ownership interest in First Solar is substantial among institutional investors and hedge funds. Recently, Raymond James & Associates increased its holdings by 10.1% during the third quarter, acquiring additional shares to bring its total stake to 13,040 shares valued at approximately $3.25 million. Private Advisor Group LLC also grew its investment by 4.9%, while Wealth Enhancement Advisory Services LLC expanded its ownership by 12.1% in the same quarter.

Other notable increases include the State of Alaska Department of Revenue, which lifted its position by 6.8%, and Integrated Advisors Network LLC which upscaled its holdings by 23.4%. Currently, 92.08% of First Solar's stock is held by institutional investors and hedge funds, reflecting confidence in the company’s long-term prospects.

About First Solar

First Solar, Inc. is a prominent solar technology enterprise that delivers photovoltaic (PV) solar energy solutions globally, particularly in the United States, France, Japan, and Chile. Its core offering includes the manufacturing and sale of PV solar modules that utilize a thin-film semiconductor technology, which presents a lower-carbon alternative compared to traditional crystalline silicon PV modules.

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