First Solar (NASDAQ:FSLR) Price Target Cut to $238.00 by Analysts at Morgan Stanley

First Solar (NASDAQ:FSLR) had its price objective cut by Morgan Stanley from $297.00 to $238.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the solar cell manufacturer’s stock. Morgan Stanley’s price objective would indicate a potential upside of 51.75% from the stock’s current price.

Several other equities research analysts also recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. BMO Capital Markets reissued an “outperform” rating and issued a $230.00 price objective (down from $260.00) on shares of First Solar in a research report on Wednesday. Citigroup dropped their target price on First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research report on Wednesday. Roth Mkm reiterated a “buy” rating and issued a $280.00 price target on shares of First Solar in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft set a $265.00 price objective on First Solar in a report on Thursday. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, First Solar has an average rating of “Moderate Buy” and a consensus target price of $264.92.

First Solar Stock Performance

Shares of NASDAQ FSLR opened at $156.84 on Thursday. The stock has a market cap of $16.79 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 0.19 and a beta of 1.47. First Solar has a 1 year low of $144.28 and a 1 year high of $306.77. The firm has a fifty day moving average price of $174.00 and a 200-day moving average price of $199.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing the consensus estimate of $4.81 by ($1.16). The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. Equities analysts anticipate that First Solar will post 13.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Raymond James & Associates boosted its stake in First Solar by 10.1% in the third quarter. Raymond James & Associates now owns 13,040 shares of the solar cell manufacturer’s stock valued at $3,253,000 after acquiring an additional 1,197 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of First Solar by 4.9% in the 3rd quarter. Private Advisor Group LLC now owns 3,877 shares of the solar cell manufacturer’s stock worth $967,000 after purchasing an additional 180 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in First Solar by 12.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,912 shares of the solar cell manufacturer’s stock worth $1,475,000 after buying an additional 636 shares during the last quarter. State of Alaska Department of Revenue increased its position in First Solar by 6.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 12,434 shares of the solar cell manufacturer’s stock valued at $3,101,000 after buying an additional 795 shares in the last quarter. Finally, New York State Teachers Retirement System raised its stake in First Solar by 10.9% in the third quarter. New York State Teachers Retirement System now owns 104,400 shares of the solar cell manufacturer’s stock valued at $26,042,000 after buying an additional 10,232 shares during the last quarter. Hedge funds and other institutional investors 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.