First Solar (NASDAQ:FSLR) stock is on the move Friday after Deutsche Bank analyst Corinne Blanchard weighed in on the solar energy company’s shares.
With this updated coverage, the Deutsche Bank analyst upgraded shares of FSLR stock from a “hold” rating to a “buy” rating. To put that in perspective, the analyst consensus rating for FSLR shares is moderate buy based on 21 opinions.
To go along with that upgrade, Blanchard also increased the firm’s price target for FSLR stock from $220 per share to $235 per share. That represents a potential upside of about 30% for the stock. It’s also bullish next to the analyst consensus price prediction of $229.30 per share.
Why the Bull Rating for FSLR Stock?
Here’s what the Deutsche Bank analyst said in a note to clients obtained by CNBC:
“In the context of uncertainty and a cloudy background for the solar industry (soft Resi demand & stuffed channel, equipment pricing, high interest rate environment), we see First Solar as relatively protected from those concerns, as the company has established itself in the niche market of thin film modules, with strong demand on-going.”
Shares of FSLR stock are up 2.6% as of Friday morning. This comes as some 395,000 shares change hands. For comparison, the company’s daily average trading volume is closer to 1.9 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.