Analyst J.B. Lowe had upgraded the stock in April and lifted his price target to $100 a share from $88.
Most of the catalysts identified in that note kicked in and the stock is approaching the price target.
Lowe says the Tempe, Ariz., company "has flipped" from lagging its peers and the broader solar sector to outperforming.
At last check First Solar shares were off 1.1% at $93.25.
Lowe says the company's first-quarter results beat and unveiling of a capacity extension in Ohio, continued high polysilicon prices and the U.S. ban on certain solar products from Xinjiang, China, all helped boost the stock price since his previous note.
In late April, First Solar reported first-quarter results that topped analyst estimates.
The company earned $1.96 a share on revenue of $803 million. Analysts were expecting earnings of $1.03 a share on revenue of $785 million.
The company said U.S. project sales drove its revenue jump in the quarter.
As a result, the company raised the top end of its 2021 revenue guidance, so it now ranges $2.85 billion to $3.03 billion. The previous top was $3 billion. Analysts were expecting revenue of $2.97 billion, according to FactSet.
TheStreet's Jim Cramer on Monday mentioned First Solar on "Mad Money," saying that the company is a buy even while trading at 21 times earnings.