Shares in First Solar Inc. (NASDAQ:FSLR) were trending up on today’s market after a report from Argus described a positive outlook for the company. The report put a price target of $81 on the firm’s shares as the company continues to increase its capacity with projects in the Southwest of the United States.
The report is just one of several recent publications that are positive on First Solar Inc. (NASDAQ:FSLR). According to tickerreport.com Citigroup Inc. (NYSE:C) raised its price target on the company to $87 earlier this month, and UBS AG increased its PT to $72.
Solar energy continues dangerous volatility
2013 was the first year that the market took most solar companies seriously, but the opinion wasn’t unanimously positive, nor was it consistent. Shares in First Solar Inc. (NASDAQ:FSLR) have fallen and risen several times over the last twelve months. The mood has been generally positive during 2014, but that had changed in the last month.
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Stock in First Solar Inc. (NASDAQ:FSLR) hit its highest level since 2011 in March, but has remained flat since. The company’s shares are valued at less than a fifth of a high achieved before the financial crisis. In the last year the company has added more than 80% to its value, and it remains one of the most popular stocks for those positive on the solar industry to bet on.
The $81 price target may move some investors into the stock, but the outcome of key projects, and the numbers revealed in its next earnings report, are more likely movers of the stock. First Solar Inc. (NASDAQ:FSLR) is set to release its earnings for the first months of 2014 on May 5.
First Solar bets on desert energy
One of the most important projects in the First Solar Inc. (NASDAQ:FSLR) stable right now is the company’s 550-megawatt photovoltaic plant situated close to Indio California. The company managed to sell the project to a group of investors, but it remains the project builder at the plant. First Solar will also run the plant once it is operational.
The opportunity for solar energy development, particularly in areas like the South West of the United States, is full of potential, and First Solar Inc. (NASDAQ:FSLR) is doing its best to exploit that potential. The company is working on a 300-megawatt Stateline in San Bernadino County, and is planning a 600-megawatt Desert Quartzite in Riverside County. The Arizona-based solar concern is a promising face for the industry,