First Solar, Inc. (FSLR) Gains Analyst Support as Strong Demand Boosts Solar Growth Outlook

First Solar, Inc. (NASDAQ:FSLR) is one of the 11 Best Affordable Growth Stocks to Buy Now.

On March 3, Barclays reiterated an Overweight rating on First Solar, Inc. (NASDAQ:FSLR) and cut the price target to $228 from $279.

Despite the price target cut, Barclays remains confident in First Solar’s prospects owing to short-term and intermediate-term demand for domestically sourced modules. In addition, the investment bank expects the company to benefit from strong customer demand for products, enabling it to apply a 10% domestic content adder.

Earlier, on February 24, First Solar delivered solid fourth-quarter and full-year results, attributed to a strong demand environment. Net sales in the quarter were up $0.1 billion to $1.7 billion, driven by higher module volume. Full-year net sales totaled $5.2 billion, up 24% year over year, driven by third-party module volume. Fourth-quarter net income per diluted share totaled $4.84, and full-year net income per diluted share totaled $14.21.

First Solar, Inc. (NASDAQ:FSLR) is the largest U.S.-based manufacturer of photovoltaic (PV) solar modules, specializing in eco-efficient thin-film Cadmium Telluride (CdTe) technology. It produces high-performance, sustainable solar panels for large-scale utility projects, serving as a key alternative to China-based crystalline silicon manufacturers.

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