First Photo voltaic soars to 11-year excessive as analyst touts ‘extraordinary’ backlog (NASDAQ:FSLR)

First Photo voltaic (NASDAQ:FSLR) +10.1% in Monday’s buying and selling, sprinting to its highest stage since April 2011 and including to positive aspects that adopted final week’s Q3 outcomes that included a bigger than anticipated loss and diminished steerage for full-year earnings.

Guggenheim analyst Joseph Osha raised his First Photo voltaic (FSLR) inventory worth goal to a Road-high $233 from $200 beforehand after posting “so-so outcomes however very robust bookings exercise,” given the corporate is “within the strategy of promoting out 2026” and “displaying a exceptional capability to guide enterprise a number of years into the long run at favorable costs.”

The information concerning First Photo voltaic’s (FSLR) bookings “can solely be described as extraordinary,” Osha wrote, after reserving 16.6 GW of latest enterprise for the reason that firm’s earlier convention name for a complete of 43.7 GW YTD.

Nonetheless, financing stays a possible challenge, as CFO Alex Bradley “clearly has a plan in place to pay for the corporate’s intermediate-term enlargement, however there is not any doubt that the corporate faces some money and dealing capital strain for the following 12 months or so,” Osha stated.

A number of analysts praised First Photo voltaic after the Q3 outcomes, serving to the inventory reverse preliminary losses.