First Solar price target raised to $334 from $277 at Guggenheim

Guggenheim analyst Joseph Osha raised the firm’s price target on First Solar to $334 from $277 and reiterates a Buy rating on the shares. The analyst attributes the stock’s recent underperformance to several factors, including falling prices from Chinese competitors, the potential for shifts in the policy environment, and worries about a potential equity offering. The latter point has been taken off the table following First Solar’s announcement of a new revolving loan facility, and concerns regarding the other two issues are overblown, the analyst tells investors in a research note. The firm says the stock “appears significantly undervalued” based on its analysis. It does not see any significant shift in stance coming from the International Trade Commission in August and expects the company’s U.S. manufacturing base to continue expanding.