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On Wednesday, BMO Capital Markets adjusted its financial outlook for First Solar (NASDAQ:FSLR), a leading solar technology company while lowering its price target on First Solar shares to $286 from the previous $311 while retaining an Outperform rating on the stock.
The adjustment follows First Solar's recent earnings call, which was described as uneventful. This neutrality is expected to have a varied impact on the near-term performance of the company's stock.
First Solar disclosed an update to its year-to-date bookings, which included an additional 0.9 gigawatts since the first-quarter earnings call, at an average selling price (ASP) of $0.316 per watt, a slight increase from $0.313 per watt last quarter.
BMO had anticipated a modest quarter in terms of booking volume, attributing this expectation to the uncertainty surrounding the elections.
The bookings indeed met these conservative expectations, but the firm had hoped for a higher ASP in the range of $0.32 to $0.33 per watt, considering the ongoing anti-dumping/countervailing duty (AD/CVD) complaint.
Despite these developments, First Solar has affirmed its financial guidance for the fiscal year 2024. BMO suggests that the election may continue to influence the company's narrative through the third-quarter earnings season.
Nonetheless, BMO maintains its positive Outperform rating on First Solar's shares, indicating continued confidence in the company's performance.
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