JPMorgan Chase & Co. Lowers First Solar (NASDAQ:FSLR) Price Target to $268.00

First Solar (NASDAQ:FSLR) had its price objective dropped by equities research analysts at JPMorgan Chase & Co. from $282.00 to $268.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the solar cell manufacturer’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 63.11% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. Robert W. Baird reduced their target price on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Evercore ISI cut their target price on First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Mizuho raised shares of First Solar from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $218.00 to $259.00 in a report on Tuesday, February 11th. Morgan Stanley decreased their price objective on First Solar from $329.00 to $297.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Finally, BMO Capital Markets restated an “outperform” rating and set a $230.00 price objective (down previously from $260.00) on shares of First Solar in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $271.96.

First Solar Price Performance

First Solar stock traded up $16.85 during midday trading on Wednesday, reaching $164.31. 4,463,554 shares of the stock were exchanged, compared to its average volume of 2,397,359. The company’s fifty day moving average is $174.55 and its 200-day moving average is $199.38. First Solar has a 52 week low of $144.28 and a 52 week high of $306.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The firm has a market cap of $17.59 billion, a PE ratio of 14.11, a PEG ratio of 0.19 and a beta of 1.47.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. On average, sell-side analysts forecast that First Solar will post 13.05 EPS for the current year.

Hedge Funds Weigh In On First Solar

A number of institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of First Solar during the fourth quarter valued at about $317,399,000. Wellington Management Group LLP boosted its holdings in shares of First Solar by 75.8% in the third quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock worth $523,166,000 after buying an additional 904,498 shares during the period. Demars Financial Group LLC grew its stake in First Solar by 17,404.5% in the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock valued at $127,379,000 after purchasing an additional 718,631 shares in the last quarter. Mirova US LLC increased its position in First Solar by 961.0% during the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock worth $113,906,000 after buying an additional 585,394 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its position in First Solar by 1,757.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock worth $136,242,000 after acquiring an additional 516,783 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Company Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.