Billionaire Bruce Kovner’s 10 Stock Picks with Huge Upside Potential

2. First Solar Inc. (NASDAQ:FSLR)

Caxton Associates’ Stake: $12.34 million

Number of Hedge Fund Holders: 65

Average Upside Potential as of May 7: 54.68%

First Solar Inc. (NASDAQ:FSLR) is a solar technology company that provides PV (photovoltaic) solar energy solutions. It 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. It also manufactures and sells cadmium telluride solar modules that convert sunlight into electricity.

On April 30, TD Cowen maintained a Buy rating on the stock while lowering the price target to $200 from $275. The analysts made this revision due to the tariff risks, IRA policy uncertainty, and potential production halts in Asia, which have resulted in a lowered 2025 guidance. However, they also noted the company’s strong 43.6% gross margin and stable backlog prices.

The company also plans to expand US production to 14 GW by 2026. First Solar Inc.’s (NASDAQ:FSLR) Module Sales segment recorded 2.9 GW of module sales in Q1 2025, which aligned with the company’s previous forecast. This contributed to net sales of $0.8 billion, which was a sequential decrease due to an anticipated seasonal reduction in volume.