Citi Maintains Hold On First Solar (FSLR), Raises Price Target

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09:15:24 am on April 22, 2009

According to Citi is out with a hold on First Solar (FSLR) but is raising the price target from $130 to $150. 

Citi believes the solar industry is entering a sustainable period of secular growth with business models in the space “exhibiting positive earnings leverage.”

“Consistent with our investment framework, we believe that solar stocks, in general, should trade at a premium to the broader market given fundamental demand drivers that should fuel earnings growth well above that of the broader S&P 500 in coming years. At the same time, we realize that current valuations for many solar stocks are likely unsustainably high and will compress over the longer-term.”

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