On August 7, First Solar rose 6.6% in pre-market trading, trading at $260.6/share, extending its post-earnings rally.

On the news front, the company reported Q2 earnings on July 30 after market close, posting EPS of $3.92, significantly beating the consensus estimate of $2.86 by 37%, representing a 23% year-over-year increase. Revenue came in at $1.056 billion, largely in line with expectations. The company maintained its full-year revenue guidance of $4.9 billion to $5.2 billion. First-half net income attributable to the parent reached $769 million, up 39.5% year-over-year.

Since the earnings release, multiple institutions have raised their price targets: UBS raised to $330 maintaining Buy, Wells Fargo significantly raised to $320, Guggenheim raised to $282 maintaining Buy, and Barclays raised to $279 maintaining Overweight. Additionally, the company disclosed plans to provide 1.9 GWh of battery storage for Google and expand its South Carolina facility with up to 3.5 GW of module finishing capacity for overseas-manufactured semi-finished products.

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