FMP
Oct 30, 2024 4:09 PM - Alex Lavoie
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On October 30, 2024, Christopher Dendrinos from RBC Capital set a price target of $280 for First Solar (NASDAQ:FSLR). At the time, the stock was trading at $197.53, suggesting a potential upside of 41.75%. First Solar is a leading U.S.-based manufacturer of solar panels, specializing in utility-scale solar energy solutions. It faces competition from Chinese manufacturers, which impacts its market position.
First Solar recently reported its third-quarter earnings, which fell short of expectations. The company experienced a double miss on both revenue and adjusted earnings per share, as highlighted by Zacks. Revenue was 17% below anticipated figures, and earnings missed the Zacks Consensus Estimate by 6.1%. This performance has led to a revision in the sales outlook for 2024.
The company's stock price dropped by 8% following the earnings report, despite benefiting from tax credits under the Inflation Reduction Act (IRA). The current stock price is $196.59, reflecting a decrease of 1.54% or $3.08. Today, the stock has traded between $183.68 and $198.23, with a market capitalization of approximately $21.04 billion.
Despite these challenges, First Solar's long-term backlog remains strong, indicating promising opportunities ahead. The company continues to navigate near-term supply chain issues and intense competition from Chinese rivals. The trading volume for the day is 4,386,122 shares on the NASDAQ exchange, showing active investor interest.
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