Market Overview

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

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

Aug 2020B of A SecuritiesUpgradesNeutralBuy
Aug 2020Raymond JamesMaintainsOutperform
Jul 2020Roth CapitalDowngradesBuyNeutral

View More Analyst Ratings for FSLR
View the Latest Analyst Ratings


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