UPDATE: Stephens Starts First Solar (FSLR) at Overweight
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Stephens analyst Gail Nicholson initiates coverage on First Solar (NASDAQ: FSLR) with a Overweight rating, PT $102.00.
The analyst comments "First Solar (FSLR) is a leading American solar technology company and global provider of responsibly-produced eco-efficient solar modules. The company employs a differentiated technology, CdTe, which offers advantages over the conventional crystalline silicon competition by delivering competitive efficiency, higher real-world energy yield (8% more usable energy per nameplate watt), and long-term reliability. The company has seen strong demand for its Series 6 product (’21 predominately sold out, over 70%+ of volumes contracted in ’22) and we believe its stellar balance sheet (net cash balance of $1.5+ billion a/o 3/31/2021) plus differentiated technology allows the company the ability to potentially capture market share (cumulative global installed PV capacity is expected to double in 5 years) if it pursues expansion opportunities (recently announced 3.3 GW expansion in the U.S. + continues to evaluate further domestic and international opportunities)."
Shares of First Solar closed at $80.19 yesterday.
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