Shares of First Solar (NASDAQ:FSLR) ticked up Monday after UBS raised the solar energy producer’s rating to “buy” from “neutral".
UBS analyst Stephen Chin cited higher-than-expected global demand for solar panels over the next few years as the reason for the upgrade, according to an Associated Press report. He also raised his 12-month target price for shares to $150 from $136, according to the report.
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The move came shortly after the company reported last month a 12% increase in second quarter sales, to $587.9 million from $525.9 million, and upped its forecast of global solar demand in 2010 and 2011 by nearly one third.
Shares of First Solar closed up more than 1% Monday to $126.29, on volume of 1.72 million, down slightly from average volume of 1.95 million.