UPDATE: BofA Securities Upgrades First Solar (FSLR) to Buy

BofA Securities analyst Julien Dumoulin-Smith upgraded First Solar (NASDAQ: FSLR) from Neutral to Buy with a price target of $91.00.

The analyst comments "We are upgrading FSLR to Buy (from Neutral), following the positive 1Q earnings update (Apr 29th). Despite the positive 1Q earnings, improved outlook around ASPs, Series 6 CuRe demand, and less volatile cost structure, FSLR tumbled by 8.9% on Friday (Apr 30th). We perceive this to be due to investor concerns around shipping costs amidst the pandemic amidst longer-term confirmation of ramp in R&D cycle amidst higher expectations. On balance, the medium term update was one of the best we've seen of late in terms of panel pricing outlook. This should sizably offsets both near term '21 pressures and provides a bridge to a LT outlook to next gen panel technology."

For an analyst ratings summary and ratings history on First Solar click here. For more ratings news on First Solar click here.

Shares of First Solar closed at $77.00 yesterday.

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