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ChartWatch: Solar Powers Ahead
1/4/2013 3:51:00 PM
By: Wyatt Investment Research
First Solar ( FSLR ) still hasn't been given the praise it deserves. Despite a meteoric rally to end the year, analysts remain bearish.
The majority of them rate FSLR a hold. Meanwhile, the average
price target is $23, 35% below the current market price. How are
the shares a hold at $35? Analysts are clearly in denial.
This chart shows the price of FSLR shares along with an important resistance level to monitor.
I confirmed this view in a more recent
. At the time, the stock was around $27 and I still expected $34
Solar stocks will continue to surprise investors this year and
FSLR is the safest stock within that industry.
Positions held in companies mentioned above: none
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