First Solar price target raised to $245 from $237 at Morgan Stanley

Morgan Stanley raised the firm’s price target on First Solar to $245 from $237 and keeps an Overweight rating on the shares. Q4 results were broadly in-line as revenue missed but was offset by stronger margins, while 2024 guidance was in line with consensus and the firm’s view, the analyst tells investors. Improved pricing on incremental bookings should refute concerns around average selling price compression and the firm sees “a clear disconnect between the underlying earnings quality/growth and the valuation of the stock,” the analyst added.