Investor Day was not kind to solar stock First Solar (NASDAQ:FSLR). Investors pulled back after analysts got concerned about what they saw at the show. However, not every analyst saw trouble coming. BMO, for example, hiked its rating on the stock, and that was enough to send First Solar stock up over 3% in Thursday afternoon’s trading.
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BMO, via analyst Ameet Thakkar, expressed belief that the projections First Solar offered up should not have been taken at face value. Rather, these projections were simply too low. Furthermore, projections should have focused on earnings for 2027 and beyond, as First Solar isn’t fully sold out in that direction. That was enough for Thakkar to boost the rating from “market perform” to “outperform” and put a $237 per share price target on the stock.
Indeed, First Solar has been busy. It recently won a two-gigawatt order from Longroad Energy, which would be completed using thin-film solar modules. That will bring Longroad’s total purchases with First Solar to almost eight gigawatts total and will be completed between 2027 and 2029. It also represents an excellent point for future marketing; few things convince potential customers like satisfied current customers.
Overall, analysts are very much on First Solar’s side here, not just at BMO. With 15 Buy ratings and eight Holds, First Solar stock is considered a Moderate Buy. Further, First Solar stock offers its investors a 41.54% upside potential thanks to its average price target of $249.68 per share.