03:15 PM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target by $19 to $226, or 16.5x our 2024 EPS estimate, a small premium to FSLR's trailing-12-month avg. forward P/E of 15.6x. We trim our 2024 EPS estimate by $0.08 to $13.69 and raise 2025's by $0.06 to $21.93. FSLR posted Q1 adj. EPS of $2.20 vs. $0.40, $0.18 above consensus; Q1 revenue increased 45% Y/Y and beat consensus by 10%. Since the last quarterly update, FSLR has booked 854 megawatts, with an ASP of $0.301 per watt, which brings the YTD net bookings to 2.7 gigawatts, with an average ASP of $0.313 per watt. The total contracted backlog is now at 78.3 gigawatts, with orders stretching through 2030. During Q1, FSLR produced a record 3.6 gigawatts of modules. FSLR's growth plan is on track, with the Perrysburg, Ohio expansion expected to be complete and begin shipments before the end of Q2. The new plant in Alabama is now complete, with the start of commercial shipments expected in the second half of 2024. The new Louisiana facility is also expected to start up in late 2025.