First Solar, Inc. ( FSLR ) reported upbeat results for the first quarter on Wednesday.

First Solar ( FSLR ) posted GAAP earnings of $2.20 per share, beating market estimates of $1.97 per share. The company posted sales of $794.000 million versus expectations of $702.175 million, according to data from Benzinga Pro.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt fell to $1.4 billion at the end of the first quarter versus $1.6 billion at the end of the earlier quarter.

“We are pleased with our start to 2024, with good operating performance, selective bookings with a year to date ASP over 31 cents per watt excluding adjusters, and solid financial results,” said Mark Widmar, CEO of First Solar ( FSLR ). “Our differentiated technology and balanced business model are enabling us to drive growth, navigate industry volatility and deliver enduring shareholder value.”

First Solar ( FSLR ) maintained its 2024 guidance, expecting earnings of $13 to $14 per share and revenue of $4.4 billion to $4.6 billion.

First Solar ( FSLR ) shares gained 0.7% to close at $177.58 on Wednesday.

These analysts made changes to their price targets on First Solar ( FSLR ) following earnings announcement.

Goldman Sachs raised the price target on First Solar ( FSLR ) from $265 to $268. Goldman Sachs analyst Brian Kinstlinger maintained a Buy rating.

Morgan Stanley boosted the price target on First Solar ( FSLR ) from $245 to $248. Morgan Stanley analyst Andrew Percoco maintained an Overweight rating.

Mizuho increased the price target on First Solar ( FSLR ) from $196 to $209. Mizuho analyst Maheep Mandloi maintained a Buy rating.

Jefferies boosted the price target on First Solar ( FSLR ) $209 to $211. Jefferies analyst Dushyant Ailani maintained a Buy rating.

Oppenheimer raised the price target on First Solar ( FSLR ) from $269 to $271. Oppenheimer analyst Colin Rusch maintained an Outperform rating.

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