Back in mid-June 2015, I issued a "Hold" recommendation on the shares of First Solar, Inc. (FSLR) with a target price range of $57 - $64 per share. The stock was trading at ~$52 back then. It is now at ~$59 after a very volatile period in late summer and early fall: (Source: Google Finance) What this means is that I was damn right about this one - it is still trading in the range I specified. My call was entirely based on the company's valuation, which had been founded on its own guidance. Well, not much has changed since then in terms of guidance. While the company projects revenues of $3.1B to $4.1B in 2016, compared to what it expects to generate for FY 2015 ($3.5B - $3.6B), earnings per share guidance remains unchanged at $4.00 - $4.50 per share. I am not kidding here - check for yourselves: (Source: Q3 '15 Earnings Call) (Source: 2016 Guidance Call) Note: if you read the footnote, you will see that the EPS figure partially depends on the sale of an equity method investment in 8point3 So, the above picture does not look rosy at all. If the EPS are not growing, I have no interest in investing in the company. I would have some incentive, if the stock paid dividends. However, it is not the case with First Solar because the company does not generate consisted free cash flows: (Source: Q3 '15 Supplementary Data)Here is my conclusion: I believe that, in the absence of positive surprises, shares of First Solar Inc. will remain in the range between $57 and $64 per share which I calculated back in early summer. I definitely do not see a reason why any company's equity should be valued higher if the earnings stay (or projected to stay) flat.