12 Best Technology Stocks According to Wall Street Analysts

6. First Solar Inc. (NASDAQ:FSLR)

Number of Hedge Fund Holders: 52

Average Upside Potential as of June 19: 39.21%

First Solar Inc. (NASDAQ:FSLR) is one of the best technology stocks according to Wall Street analysts. On June 18, RBC Capital reduced its price target for First Solar from $230 to $188, while maintaining an Outperform rating on the shares. The adjustment comes from the introduction of a new Senate reconciliation bill.

The proposed legislation has prompted a downward revision of clean energy estimates and price targets due to its potential impact on residential solar projects, such as the new lease restrictions and the possible termination of 25D tax credits. In First Solar’s Q1 2025 earnings, the total revenue stood at $0.8 billion, which was a $0.7 billion decrease from the previous quarter. EPS was $1.95, which fell below the lower end of guidance due to a greater portion of international sales compared to US products.

The company sold 2.9 gigawatts of modules and produced 4.0 gigawatts in Q1, consisting of 2 gigawatts of Series 6 and 2 gigawatts of Series 7 modules. As of March 31, the contracted backlog was 66.1 gigawatts, which is valued at an aggregate of $19.8 billion. First Solar was able to secure net bookings of 0.6 gigawatts at a base average selling price/ASP of $0.305 per watt, which increased the company’s contracted backlog to 66.3 gigawatts.

First Solar Inc. (NASDAQ:FSLR) is a solar technology company that provides photovoltaic solar energy solutions internationally.