First Solar: Shines as BofA upgrades on outlook, emerging technology

Clairvest

07/08/2020 16:33

** Shares of solar energy solutions provider  FSLR.O  jump
as much as 21.8% to touch over a 2-yr high of $78.54; last up
15.9% 
    ** BofA Global Research upgrades to "buy" from "neutral",
raises price objective to $73 from $62
    ** Says company's affirmation that average selling prices
for modules in 2022 and beyond remain intact improves
brokerage's estimates notably
    ** BofA adds that FSLR management emphasized efforts for
next-gen technology beyond S6 modules and suggested capacity
expansion beyond 8 GW roadmap, which it views as a positive    
    ** FSLR on Thursday aftermarket reported Q2 net income of
$36.9 mln compared with a loss of $18.5 mln a year earlier;
sales rose ~10% to $ 642.4 mln  urn:newsml:reuters.com:*:nASA0116X
    ** Company to sell its North American operations and
maintenance business to Novasource  urn:newsml:reuters.com:*:nASA0117D 
    ** Novasource is a portfolio company of Toronto-based
private equity firm Clairvest Group  CVG.TO      
    ** FSLR stock up ~36% so far this year

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))