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First Solar A Buy On Series 6 Potential, JPMorgan Says In Upgrade

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First Solar A Buy On Series 6 Potential, JPMorgan Says In Upgrade

As it stands on its own, First Solar, Inc. (NASDAQ: FSLR) looks pretty, but an unsightly backdrop lessens its appeal.

One analyst is buying — cautiously. 

The Rating

JPMorgan analyst Paul Coster upgraded First Solar from Neutral to Overweight and increased the price target from $74 to $85.

The Thesis

After assessing the value of First Solar’s market-leading Series 6 product, JPMorgan considers the stock bound between $60 and $110 and advocates strategic buying and selling as shares fluctuate through the end of 2019.

“We believe FSLR’s earnings growth is rangebound by the absence of pricing power in a global commodity market, despite strong industrywide unit growth for the foreseeable future and excellent revenue and earnings visibility at FSLR itself,” Coster said in a Thursday note.

First Solar is a best-in-class company and the highest-quality solar stock, the analyst said. As shares linger near the lower end of the range, JPMorgan is buying.

Price Action

First Solar was trading up 4.95 percent at $72.87 at the time of publication Thursday. 

Related Links:

Solar Stocks Heat Up After California Votes To Mandate Solar Panels On New Homes

Credit Suisse Doubles Down On Bearish Stance Before First Solar's Q1 Print: 'Major Catalysts Are Behind Us'

Photo courtesy of First Solar. 

Latest Ratings for FSLR

DateFirmActionFromTo
Apr 2019ReiteratesBuy
Apr 2019ReiteratesBuy
Jan 2019Initiates Coverage OnOverweight

View More Analyst Ratings for FSLR
View the Latest Analyst Ratings

Posted-In: JPMorgan Paul Coster SolarAnalyst Color Upgrades Price Target Analyst Ratings Best of Benzinga

 

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