Shares of First Solar (FSLR) rose after Goldman Sachs upgraded the stock to a conviction buy.
Our view is that FSLR has reached a resistance zone and may be due for a pullback as the corrective phase its market cycle approaches.
Goldman Sachs analyst Brian Lee upgraded First Solar to Conviction Buy and increased his target price from $64 to $75.
He explained that, “A backdrop of improving fundamentals in the global solar landscape in addition to continued strength in the U.S. utility-scale development pipeline a tailwind FSLR is well positioned to harvest.”
In analyzing the market cycles for FSLR we can see the stock is now approaching its resistance zone. Our work also shows that this last cycle has built a base, with a likelihood of higher prices into summer.
With the stock in resistance, patterns suggest a pullback coming, which should be a good opportunity for investors. Our target is $65.
First Solar (FSLR) Stock Weekly Chart
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