TD Cowen Reiterates Outperform Rating on First Solar (FSLR), 'ASP in Bookings Continues to Increase'
TD Cowen analyst Jeffrey Osborne reiterated an Outperform rating and $250.00 price target on First Solar (NASDAQ: FSLR)
The analyst comments "4Q EPS upside was driven by lower than expected cost per watt. ASP in backlog increased QoQ and ASP on bookings over the last three months supports higher ASP. 2024 guide is in-line with September guide with gross margin supported by cost per watt expected to decline 7%. We expect a positive reaction and note the stock is trading at 13x our 2026 EPS estimate ex IRA credits. Maintain Outperform."
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Shares of First Solar closed at $144.99 yesterday.