First Solar (FSLR) Brings 52-High In-Play Again

First Solar (Nasdaq: FSLR) is surging by nearly $8 today (+4%) and the stock is bringing the 52-week high in-play again.

Today, Calyon Securities initiated coverage on select solar names. The firm stared First Solar at Buy with a $270 price target. The firm started SunPower (Nasdaq: SPWR) at Buy with a $172 price target. The firm started Evergreen Solar (Nasdaq: ESLR) at Add with a $15 price target.

First Solar hit a 52-week high of $230 on 11/08 after reporting blow-out Q3 results. The stock finished 34% higher on the day. Over the next two trading days (11/09 & 11/12), the stock gave back a large chunk of those gains. The stock has since recovered and again looks like it wants to test the highs. The stock closed higher 7 of the last 10 days, bucking the broader market which is lower over the same time frame.

Wall Street analysts are mostly positive on First Solar, with 17 assigning Buy ratings and 4 assigning Hold ratings. There are no Sell ratings on First Solar. The average Wall Street price target on First Solar, according to Bloomberg data, is $242.33 per share.

One of the catalyst for solar stocks, including First Solar, is the surging price of Oil. Crude closed in on $100 per barrel recently, before consolidating back to $92. Many see high oil prices as here to stay, so people are looking for alternatives - which will directly benefit solar companies.

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