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First Solar Price Target Increased to $87 by Baird

The financial services firm Robert W. Baird increased its price target for First Solar, Inc. (NASDAQ:FSLR) while maintaining an outperform rating on the stock. The price target of the solar equipment maker was raised to $87 a share from the prior target of $67. Baird cited a strong balance sheet, exceedingly better cost reductions, expansion into international markets, and development of new technologies as reasons for the price target hike. Baird sees greater long-term growth upside for First Solar.