KeyBanc Raises First Solar (FSLR) Price Target After Mixed Earnings and Lower FY25 Outlook

Core Insights - First Solar, Inc. (NASDAQ:FSLR) reported record quarterly volume and solid third-quarter performance but issued disappointing full-year guidance [1][2] - The company achieved revenue of $1.59 billion, slightly above the average estimate of $1.58 billion, but adjusted earnings per share were $4.24, below the expected $4.27 due to one-time underutilization charges [1] - Full-year revenue guidance for 2025 was revised down from $4.90-$5.70 billion to $4.95-$5.20 billion, lower than the $5.3 billion forecast by analysts [2] Financial Performance - The net cash position increased from $0.6 billion at the end of the previous quarter to $1.5 billion at the end of the third quarter, attributed to favorable working capital improvements and increased cash receipts from module sales [3] - The company lowered its earnings expectation for the full year to $14.00-$15.00 per share, down from the previous projection of $13.50-$16.50 [2] Analyst Reactions - Following the results, KeyBanc analyst Sophie Karp raised the price target for First Solar to $150 from $100 while maintaining an Overweight rating, citing results in line with expectations despite operational issues like supply chain disruptions [4]