On August 5, First Solar rose 7.13% in regular trading, trading at $246.49/share, with turnover of $485 million. The stock extended its post-earnings rally following the release of strong Q2 results.

First Solar reported Q2 earnings per share of $3.92 on July 30, significantly beating the analyst consensus estimate of $2.86 by 37%, representing a 23% year-over-year increase from $3.18. Revenue came in at $1.056 billion, roughly in line with expectations. The company maintained its full-year revenue guidance of $4.9 billion to $5.2 billion and projected Q3 module shipments between 3.9 and 4.5 gigawatts. Capital expenditure guidance was also held steady at $800 million to $1 billion.

Multiple institutions have raised their price targets following the earnings beat. Wells Fargo significantly raised its target to $320, UBS lifted its target to $330 maintaining a Buy rating, Guggenheim adjusted to $282 from $279 maintaining Buy, and Barclays raised to $279 maintaining Overweight. The average analyst rating remains Overweight with a mean target of $261.18.

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