Jefferies analyst Julian Dumoulin-Smith raised the price target on First Solar (NASDAQ: FSLR) to $207.00 (from $199.00) while maintaining a Hold rating.

The analyst comments "Going into 2Q, investor expectations for S232 remain elevated while our channel checks consistently point to a more muted setup (5-10 c/watt). US developers have increasingly secured their module supply, potentially leading to muted volumes for FSLR post S232. Related, steel/aluminum S232 could be cautious for intl. facilities and weigh on volumes NT. We model rev/EBITDA to $1bn/ $465mn, -4%/-2.4% vs. cons on intl. underutilization. M2M drives our PT to $207/sh."