First Solar (FSLR)

Aug 26, 2022Trade Ideas

First Solar (FSLR) could see brighter days ahead.

Even after running from about $75 to $121.69, Bank of America analysts still say the Street is under-appreciating climate bill benefits.

In fact, as noted by BofA analyst Julien Dumoulin-Smith upgraded First Solar to Buy from Neutral with a price target of $141, up from $104.50. When he last refreshed his view on First Solar days after the initial Inflation Reduction Act, or IRA, announcement, he did not yet appreciate the magnitude of IRA credits that will accrue to the company, Dumoulin-Smith tells investors. Recent talks with management and the IRA being signed into law lend him confidence in baking in a “significant valuation uplift” attributable to IRA credits.

Also, just last week, Morgan Stanley upgraded the FSLR stock to equal weight from underweight, with a price target of $136. Piper Sandler also raised its price target on the FSLR stock to $165 from $120 a share, as well.

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