The manufacturer of commercial solar in the US reported a solid quarter on Wednesday, beating expectations, although their FY24 outlook was only ‘maintained’. Earnings per share of $2.20 vs consensus of $1.97 was positive and showed good operating performance, while 2024 guidance remained unchanged, expecting EPS of $13 to $14 and revenue of $4.4bn to $4.6bn i.e. the strong 1Q is a good sign but they don’t have enough confidence yet to push an upgrade for the FY.
There were many analyst moves post-results, all generally positive: Goldman raised PT from $265 to $268 and maintained a Buy rating, Morgan Stanley boosted the price target from $245 to $248 and maintained an Overweight rating, and others generally did the same.
- We like FSLR, particularly after its recent price action, and we’re targeting a move back up towards $US230.
MM is long & bullish FSLR US
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