Oppenheimer analyst Colin Rusch maintained a Hold rating on First Solar (FSLR) today. The company’s shares closed on Tuesday at $44.50.
Rusch said:
“As the solar industry nears the end of another down-cycle in pricing, we believe FSLR’s 2019 guidance call next Tuesday may prove an important indicator of the long- term industry trajectory. First, we believe the long-postulated thesis of cost reduction for silicon-based technologies is beginning to materialize. Second, consolidation through attrition of module players is yielding a limited number of viable platforms that can provide steady volumes and warranty support. Last, and most important, solar + storage is now proving to be the low-cost option for new power capacity. We believe FSLR is a long-term winner in solar and believe this guidance call will set the stage for sustainable long-term growth, even if 2019 guidance comes in below consensus.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 9.1% and a 46.9% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
First Solar has an analyst consensus of Moderate Buy, with a price target consensus of $67.67, representing a 52.1% upside. In a report issued on December 3, Goldman Sachs also upgraded the stock to Hold with a $46 price target.
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The company has a one-year high of $81.72 and a one-year low of $36.51. Currently, First Solar has an average volume of 1.49M.
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First Solar, Inc. engages in designing, manufacturing, marketing, and distribution of photovoltaic solar power systems and solar modules. It operates through the Components and Systems segments. The Components segment involves in the design, manufacture, and sale of cadmium telluride solar modules, which convert sunlight into electricity.
