First Solar (NASDAQ: FSLR)‘s stock had its “neutral” rating restated by Zacks in a report issued on Thursday. They currently have a $31.00 target price on the stock.

Zacks‘ analyst wrote, “First Solar Inc., along with its solar peers, is currently witnessing a steep drop in Average Selling Prices. Also, the current macro scenario does not bode well for the solar industry, which thrives mainly on subsidies and grants. However, First Solar stands out among the pack due to its stable liquidity position, which is in sharp contrast to its cash-strapped peers. In order to counter the weak trend, the company is focusing more on utility-scale electricity power projects. Moreover First Solar is partially compensating for its drop in margins through a major restructuring of its operations initiated in 2012. In such a mixed scenario, we advise investors to be on the sidelines for now until the macro headwinds subside. We therefore maintain our Neutral rating on the stock with a target price of $31.00.”

Shares of First Solar (NASDAQ: FSLR) traded down 1.49% during mid-day trading on Thursday, hitting $29.05. First Solar has a 52 week low of $11.43 and a 52 week high of $36.98. The stock’s 50-day moving average is currently $29.45. The company’s market cap is $2.532 billion.

First Solar (NASDAQ: FSLR) last issued its quarterly earnings data on Tuesday, February 26th. The company reported $2.04 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.74 by $0.30. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the company posted $1.26 earnings per share. First Solar’s revenue was up 62.8% compared to the same quarter last year. First Solar has set its Q1 guidance at $0.70-0.90 EPS. On average, analysts predict that First Solar will post $3.47 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at DNB Markets upgraded shares of First Solar from a “sell” rating to a “hold” rating in a research note to investors on Tuesday, March 12th. They now have a $27.00 price target on the stock. Separately, analysts at Raymond James upgraded shares of First Solar from an “underperform” rating to a “market perform” rating in a research note to investors on Thursday, March 7th. Finally, analysts at Macquarie reiterated a “neutral” rating on shares of First Solar in a research note to investors on Wednesday, March 6th. They now have a $24.00 price target on the stock.

Nine research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $23.70.

First Solar, Inc. manufactures and sells solar modules with an advanced thin-film semiconductor technology, and it designs, constructs, and sells photovoltaic (NASDAQ: FSLR) solar power systems.

To view Zacks’ full report, visit www.zacks.com

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.