First Solar news about the company getting some attention from Goldman Sachs has FSLR stock up on Wednesday.
The positive news for First Solar (NASDAQ:FSLR) is that Goldman Sachs has added the company to its Conviction Buy List. This is a list from the company that holds companies that it believes will see strong growth and profits.
The First Solar news about the company being added to the list is great for FSLR stock as it adds to the idea that it has future potential. Goldman Sachs analyst Brian Lee was behind this change. He claims that the company has “a backdrop of improving fundamentals in the global solar landscape.”
Lee also notes in the First Solar news that the company already has a strong presence in the U.S. with potential to grow more in the country. He is also expecting good results from its business in Malaysia. This could increase the firm’s 2021 EPS estimate for the company by 23%, reports TheStreet.com.
The Goldman Sachs analyst doesn’t just stop at adding First Solar to the Conviction Buy List. He also has a new price target for the stock. This is $75, which is a nice boost over the previous price target of $64. It is also about 33% more than FLSR stock’s closing price on Tuesday.
First Solar stock was up 7% as of noon Wednesday and is up 31% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.