12:35 AM EST, 02/29/2024 (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 $8 to $207, or 15.0x our 2024 EPS estimate, below FSLR's trailing 12 months average forward P/E of 18.5x. We raise our 2024 EPS estimate by $0.51 to $13.77 and start 2025's at $21.87. FSLR posts Q4 adj. EPS of $3.25 vs. a loss per share of $0.07, $0.12 above consensus; Q4 sales rose 16% Y/Y but missed consensus by 12%. FSLR exited 2023 with 16.6 gigawatts of nameplate capacity (up 69% Y/Y) driven by the start up of factories in Ohio and India. The new factory in Louisiana (estimated cost of $1.1 billion) is poised to add another 3.5 gigawatts to capacity in 2026. When combined with footprint expansions in Alabama and Ohio, 2026's year-end capacity should reach 25 gigawatts, a three-year CAGR of 15%. As of Dec. 31, 2023, contracted backlog is 78.3 gigawatts (up 28% Y/Y) with a total value of $23.3 billion (up 32% Y/Y). FSLR's backlog is oversold through 2026, which should improve the resilience of project deliveries and we expect FSLR to sell its full production in 2024.