3 Stocks Expected to Deliver 30%+ Growth in the Coming Year
As 2023 draws to a close, investors are shifting their focus to the upcoming fiscal year.
In today's analysis, we'll explore three stocks that have captured the market's attention and are poised for substantial growth of over 32% in the next fiscal year.
Additionally, we'll delve into the underlying factors driving their respective potentials, leveraging data from the InvestingPro professional tool.
First Solar (NASDAQ:FSLR) offers solar photovoltaic energy solutions in the United States, Japan, France, Canada, India, and Australia.
The company designs manufactures and sells solar modules that convert sunlight into electricity.
It was formerly known as First Solar Holdings and changed its name to First Solar in 2006.
First Solar reports its quarterly results on February 22. Its earnings per share (EPS) are expected to increase by +60.34% and actual revenues by +22%.
Looking ahead to 2024, EPS forecasts are for an increase of +63.7% and revenue of +31.4%.
Source: InvestingPro
First Solar has become a prominent player in its sector and has attracted the attention of Wall Street for its strategic positioning and financial performance.
In addition to the promising earnings forecasts for 2024, the stock has several favorable factors in its corner.
These include a robust order backlog extending until 2026, a solid balance sheet, and an anticipated growth in gross margins from 18% in 2023 to 25% in 2025.
Source: InvestingPro
In addition, its focus on utilities rather than residential solar sets it apart from its competitors, insulating it from industry challenges such as weak residential demand and interest rate volatility.
The utility-scale solar demand is ever-increasing increasing in the U.S. market as the shift to
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