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Investing.com — First Solar (NASDAQ:FSLR) jumped 18% Friday after reporting better-than-expected results.
Earnings per share of 35 cents beat the expected 26 cents on sales of $642 million compared to the forecasted $464 million, according to analysts tracked by Investing.com.
Shares are trading at their highest in about a decade, and have more than doubled since March.
Stocks of peers also rose, including Vivint Solar Inc (NYSE:VSLR), up 1.9%, SunPower (NASDAQ:SPWR), up 3.8%, and Sunrun Inc (NASDAQ:RUN), up 2.5%.
First Solar said it is “effectively sold out through 2020” and has 2GW left to sell out 2021 supply. The company manufactures in the U.S., Vietnam and Malaysia, and may expand elsewhere. North America has the largest potential booking opportunities, followed by Europe, the company said in a presentation.
The stock doesn’t have analysts overwhelmingly convinced: it has three buy ratings, four holds and three sells, with an average price target of $56.29, according to analysts surveyed by Investing.com.
