Oct. 6 (Bloomberg) -- First Solar Inc., the world’s largest thin-film solar panel maker, surged the most in 17 months on market speculation it’s a takeover target.
First Solar climbed as much as 11 percent, the most since April 29, 2010, and was 8.3 percent higher at $65.93 at 12:21 p.m. in Nasdaq Stock Market trading.
“It seems I hear this rumor monthly,” Aaron Chew, an analyst at Maxim Group LLC in New York, said by e-mail. “Though I don’t ascribe too much validity to it, I admit it is certainly more possible at these levels than it was when the stock was north of $100.”
Alan Bernheimer, a spokesman for the Tempe, Arizona-based company, said in an e-mail that the First Solar doesn’t comment on market speculation.
First Solar has slumped 60 percent since reaching a high for the year of $175.45 in February.
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