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Shares of First Solar
FSLR are recovering a portion of yesterday's losses in Friday's pre-market trading, up 1.5 percent, after Citigroup raised the price target from $63 to $87 and reiterated a Buy rating.
Analyst Shahriar Pourreza feels management's 2016 view could be conservative.
Pourreza expects accelerated growth in 2016, which leaves “considerable upside” for 2016.
The analyst's earnings per share estimates are as follows:
- 2014 -- $2.60 versus $2.54 Street consensus. Management forecasting $2.20-$2.60.
- 2015 -- $5.78 versus $4.76 Street consensus. Management forecasting $4.50-$6.00. 2016 -- $5.73 versus $3.91 Street consensus. Management forecasting $3.50-$5.00. Shares of First Solar are up 27 percent year to date. The analyst $87 price target represents 25 percent upside from current levels.
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