On August 7, First Solar rose 8.16% overnight, trading at 264.07 USD/share, extending a strong rally following its Q2 earnings release.
On the news front, First Solar reported Q2 earnings per share of $3.92, significantly beating the analyst consensus estimate of $2.86 by 37%, representing a 23% year-over-year increase. Revenue came in at $1.056 billion, largely in line with expectations. The company maintained its full-year revenue guidance of $4.9 billion to $5.2 billion unchanged. Since the earnings release on July 30, multiple institutions have raised their price targets: UBS raised to $330 maintaining a Buy rating, Wells Fargo raised significantly to $320, Guggenheim raised to $282 maintaining Buy, and Barclays raised to $279 maintaining Overweight. Additionally, the company disclosed plans for a 1.9 GWh battery storage project supporting Google and a 3.5 GW module finishing capacity expansion at its South Carolina facility.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)