UPDATE: Susquehanna Upgrades First Solar (FSLR) to Positive
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Susquehanna analyst Biju Perincheril upgraded First Solar (NASDAQ: FSLR) from Neutral to Positive with a price target of $120.00 (from $89.00).
The analyst comments "Following management's positive commentaries on module demand and pricing on its 2Q call, we are upgrading FSLR to Positive with a new $120 target. Our prior Neutral rating was premised on margin contraction due to declining module ASPs. However, ASPs for new bookings appear to be stabilizing due in part to an increase in c-Si panel prices and c-Si supply disruption concerns. As a result, although margins will continue to contract both this year and in 2022 as ASP declines outpace cost improvements, we think margin trajectory will reverse starting in 2023 and continue into 2024. Meanwhile, FSLR’s module deliveries are expected to nearly double by 2024 on higher demand coupled with manufacturing capacity expansions."
Shares of First Solar closed at $86.04 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesSusquehanna International Group of Companies
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