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In the latest market close, First Solar (FSLR) reached $241.81, with a +0.76% movement compared to the previous day. This change outpaced the S&P 500's 0.29% loss on the day. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq lost 0.31%.
The largest U.S. solar company's stock has climbed by 8.98% in the past month, exceeding the Oils-Energy sector's loss of 2.45% and the S&P 500's gain of 1.57%.
Analysts and investors alike will be keeping a close eye on the performance of First Solar in its upcoming earnings disclosure. In that report, analysts expect First Solar to post earnings of $3.31 per share. This would mark year-over-year growth of 32.4%. Alongside, our most recent consensus estimate is anticipating revenue of $1.13 billion, indicating a 40.53% upward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $13.62 per share and a revenue of $4.49 billion, indicating changes of +75.97% and +35.43%, respectively, from the former year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for First Solar. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.41% increase. At present, First Solar boasts a Zacks Rank of #3 (Hold).
In terms of valuation, First Solar is presently being traded at a Forward P/E ratio of 17.61. Its industry sports an average Forward P/E of 17.35, so one might conclude that First Solar is trading at a premium comparatively.
We can also see that FSLR currently has a PEG ratio of 0.4. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FSLR's industry had an average PEG ratio of 1.98 as of yesterday's close.
The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 177, placing it within the bottom 31% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores?
The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value Score
For value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth Score
Growth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum Score
Momentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM Score
If you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank
A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: First Solar (FSLR)
Headquartered in Tempe, AZ, First Solar, Inc. is the world’s largest thin-film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. The company is a leading global provider of comprehensive photovoltaic (PV) solar energy solutions and specializes in designing, manufacturing, and selling solar electric power modules using a proprietary thin-film semiconductor technology. The company sells its products to project developers, system integrators and renewable energy project operators primarily in Europe and Germany in particular. First Solar also engages in designing and deploying commercial solar projects for utilities. The company also develops and sells PV solar power systems that primarily use the modules it manufactures. Additionally, it provides operations and maintenance (“O&M”) services to system owners.
FSLR is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Oils-Energy stock. FSLR has a Momentum Style Score of A, and shares are up 9% over the past four weeks.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.05 to $13.62 per share. FSLR boasts an average earnings surprise of 14.8%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, FSLR should be on investors' short list.
Zacks Investment Research
On CNBC's “Mad Money Lightning Round,” Jim Cramer said he likes Pfizer Inc. and recommended buying more of the stock.
On Sept. 16, Cantor Fitzgerald analyst Louise Chen reiterated Pfizer with an Overweight rating and maintained a $45 price target.
“Six Flags F, I don't know, it feels like it's two flags,” Cramer said. “This has just been a merger from hell. I'm not really into the stock.”
On Sept. 16, JPMorgan analyst Matthew Boss maintained Six Flags Entertainment with an Underweight rating and lowered the price target from $48 to $43.
Cramer said he likes First Solar, Inc. , adding that it is an “up stock.”
On Sept. 16, BofA Securities analyst Julien Dumoulin-Smith maintained First Solar with a Buy and raised the price target from $320 to $343.
The “Mad Money” host said Equity Residential is an “amazing” stock, and added that it's a “total winner.”
On Sept. 16, several analysts, including, Scotiabank, Evercore ISI Group and JPMorgan, raised their price targets on the stock.
Moderna, Inc. has been a “big disappointment,” Cramer said.
Moderna announced on Tuesday that Health Canada approved its vaccine, SPIKEVAX, which aids in preventing COVID-19 in people six months of age or older.
“On a pullback, absolutely,” Cramer said when asked about Vertiv Holdings Co . “I think it's a winner.”
On Sept. 11, Vertiv named Frank Poncheri as chief human resources officer.
Cramer said Powell Industries, Inc. is a buy.
On July 30, Powell Industries reported better-than-expected third-quarter GAAP EPS and sales results.
Price Action:
Read Next:
Photo: s_bukley/Shutterstock.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Enphase Energy, Inc. ENPH is a global leader in energy technology. It has launched its most powerful home battery, the IQ Battery 5P, in Belgium. ENPH has also introduced its IQ Energy Management software, which uses Artificial Intelligence (AI) to optimize energy usage. This new software enables dynamic electricity rate support and integrates third-party electric vehicle (EV) chargers and heat pumps, marking an important step toward sustainable energy management in Belgium.
More on ENPH’s IQ Battery 5P & IQ Energy Management
The IQ Battery 5P offers power configurations in the range of 5-60 kWh, providing Belgian homeowners with fast charging and discharging capabilities. It has a continuous power output of 3.84 kW. The battery ensures efficient energy management, especially for homes looking to take advantage of Belgium’s dynamic electricity rates.
The newly introduced IQ Energy Management software uses AI to generate maximum return on investment by directing the least expensive energy source, either from solar panels or the grid, to power homes. This allows homeowners to manage energy costs efficiently. The integration of third-party EV chargers and heat pumps further increases energy efficiency, giving customers additional control over their energy usage.
ENPH’s Growth Prospects
The expanding solar market has set the stage for the solar microinverter market’s boom. This benefits Enphase Energy, which already enjoys a strong position as a leading U.S. manufacturer of microinverters. The company revolutionized the solar industry by pioneering a semiconductor-based microinverter, which converts energy at the individual solar module level.
The company also enjoys a valuable position in the battery storage market by manufacturing fully integrated solar-plus-storage solutions. Its next-generation batteries are Enphase Encharge 3 and Encharge 10 storage systems, with a usable and scalable capacity of 3.4 kWh and 10.1 kWh, respectively.
Stocks to Consider
Other solar companies that are likely to benefit from the expanding solar market are discussed below.
Emeren Group Ltd. SOL is a leading solar project developer. It has an impressive solar development project pipeline of 7,844 MW, out of which 5,310 MW are in the early stage and 2,534 MW in the advanced stage.
The Zacks Consensus Estimate for SOL’s 2024 and 2025 earnings per share is pinned at 27 cents and 54 cents, respectively, indicating year-over-year growth of 1250% and 99.7%.
First Solar, Inc. FSLR is the largest PV solar module manufacturer in the United States. The company is investing heftily to expand its manufacturing capacity. Such expansion plans are likely to enable it to achieve its production target of 15.6-16 gigawatts of solar modules by the end of 2024.
The Zacks Consensus Estimate for FSLR’s 2024 and 2025 earnings per share is pinned at $13.60 and $21.14, respectively, indicating year-over-year growth of 75.8% and 55.4%.
SolarEdge Technologies SEDG is a leading provider of an optimized inverter solution consisting of inverters, power optimizers and a communication device that enables access to a cloud-based monitoring platform. In June 2024, it launched its SolarEdge ONE AI-based energy optimization system for homeowners with a dynamic rate plan in Germany.
The Zacks Consensus Estimate for SEDG’s 2025 earnings per share and sales indicates year-over-year growth of 85.8% and 73.1%, respectively.
ENPH Stock’s Price Movement
Shares of ENPH have risen 2.6% in the past six months compared with the industry’s 2.1% growth.
ENPH’s Zacks Rank
ENPH currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value Score
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
Growth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum Score
Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM Score
What if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only as a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: First Solar (FSLR)
Headquartered in Tempe, AZ, First Solar, Inc. is the world’s largest thin-film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. The company is a leading global provider of comprehensive photovoltaic (PV) solar energy solutions and specializes in designing, manufacturing, and selling solar electric power modules using a proprietary thin-film semiconductor technology. The company sells its products to project developers, system integrators and renewable energy project operators primarily in Europe and Germany in particular. First Solar also engages in designing and deploying commercial solar projects for utilities. The company also develops and sells PV solar power systems that primarily use the modules it manufactures. Additionally, it provides operations and maintenance (“O&M”) services to system owners.
FSLR is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 17.12; value investors should take notice.
For fiscal 2024, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.05 to $13.62 per share. FSLR boasts an average earnings surprise of 14.8%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, FSLR should be on investors' short list.
Zacks Investment Research
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