Why First Solar Stock Soared This Past Week
Shares of First Solar (NASDAQ: FSLR) jumped 15% last week, according to data from S&P Global Market Intelligence, after multiple analysts boosted their price targets for the energy producer's stock.
On Monday, Bank of America analyst Julien Dumoulin-Smith lifted his share-price forecast for First Solar from $138 to $165. Dumoulin-Smith expects strong demand for renewable energy to allow the solar panel manufacturer to charge favorable prices for its products. In turn, he sees First Solar enjoying strong earnings growth in the coming years.
That same day, Guggenheim Partners analyst Joseph Osha offered an even more positive assessment. Osha thinks the stock could rocket 50% to $233. He highlighted First Solar's demonstrated ability to lock in attractive prices for new projects, which should provide investors with a greater level of visibility into the company's long-term revenue streams.
Source Fool.com
