This Decimated Solar Giant Could Double From Current Levels : FSLR

In early 2011, this stock traded at a high near $175. Within a year, shares plummeted to less than a third of that value, near $50. They continued in a freefall into early summer 2012, hitting a low near $11.40 in early June. Since that time, they have more than doubled.

Now, First Solar (NASDAQ: FSLR) -- the world's largest producer of thin-film solar panels -- looks to be headed even higher. If a significant nearby resistance level can be broken, the technicals point to sharp gains ahead.



Helping buoy the stock are rumors the company may be awarded a major contract to supply solar panels to electric utility, NextEra Energy (NYSE: NEE). The panels would be used for a solar farm in Southern California that would become the largest solar operation on the planet.

First Solar is a front-runner because it's one of the only manufacturers with enough capacity to make the project happen. The company also has a history of supplying panels for similar projects.
First Solar is currently building a large solar farm in Arizona, for electric utility company NRG Energy (NYSE: NRG). The solar farm, known as Agua Caliente, is 85% completed and will also be one of the world's largest solar farms.  (more)