First Solar is up 15% after earnings, and analysts say there's more upside ahead

A worker installs First Solar Inc. photovoltaic solar panels at the Agua Caliente Solar Project in Yuma County, Arizona.
Joshua Lott | Bloomberg | Getty Images

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Shares of First Solar jumped more than 15% on Wednesday following the company's blowout third quarter earnings results, and analysts believe there's more upside ahead for the stock.

The company got at least six price target hikes and one upgrade in the wake of its quarterly performance, which saw sales jump 70% year over year.

"FSLR is our favorite name in the solar space," said Ben Kallo, analyst at equity research firm Baird. "We like FSLR due to its strong pipeline, continued cost and efficiency improvements, and strong balance sheet which will fund the ramp of Series 6 and provide growth optionality moving forward. We believe shares will trade higher as sentiment continues to improve," he added.

Following First Solar's results, Kallo reiterated his outperform rating on the stock and raised his target from $97 to $125, which represents a more than 50% jump from where the stock closed on Tuesday.