The firm also opened a 90-day catalyst watch on the company.
Citigroup raised First Solar's price target to $100 from $88 a share. The stock was rising 3.07% to $82.60 early Monday.
Analyst J.B. Lowe sees multiple positives ahead for the company, including the potential inclusion of a 10-year solar tax credit extension and the revival of the 48C Advanced Manufacturing Tax Credit.
Lowe also sees U.S. trade policy that will benefit the company, including the extension of Section 201 tariffs on imported Chinese panels and possible sanctions against Xinjiang-sourced solar products.
First Solar announced Monday that it will release its first-quarter results after the markets close on April 29.
Analysts expect the company to report earnings of 97 cents a share on revenue of $782 million, compared with earnings of 8 cents a share on revenue of $532 million a year ago.
Earlier this month, the company announced that it completed the previously announced sale of its utility-scale solar project platform of 10 gigawatts to Leeward Renewable Energy.
As part of Leeward's acquisition, more than 50 members of the First Solar project development team have join the Dallas-based company.
Leeward is purchasing 650 MWDC of First Solar's high-performance Series 6 photovoltaic solar modules and another 888 MWDC of Series 6 modules for five development projects.
First Solar will retain 1.1 gigawatts of projects in the U.S. that are expected to be sold separately.