What's Going On With First Solar Shares Today?
Portfolio Pulse from Nabaparna Bhattacharya
First Solar, Inc. (NASDAQ:FSLR) shares surged over 6% in premarket trading following the release of their Q4 results, which showcased earnings of $3.25 per share, beating analyst estimates. Despite a miss on quarterly sales expectations, the company reported significant year-over-year growth in net income and gross profits. First Solar also provided optimistic guidance for 2024, with expected earnings per share and net sales that align closely with analyst estimates. Additionally, Oppenheimer analyst Colin Rusch upgraded the price target for FSLR from $268 to $269.
February 28, 2024 | 1:44 pm
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POSITIVE IMPACT
First Solar's Q4 earnings beat and optimistic 2024 guidance, coupled with an upgraded price target by Oppenheimer, have positively impacted its stock price, leading to a premarket surge of over 6%.
The positive reaction in First Solar's stock price can be attributed to the company's strong Q4 earnings performance, which exceeded analyst expectations. The significant year-over-year growth in net income and gross profits, along with optimistic guidance for 2024, have likely bolstered investor confidence. Additionally, the upgraded price target by Oppenheimer analyst Colin Rusch further supports the bullish sentiment towards FSLR in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100