Keep an eye on First Solar (FSLR).
After crumbling to $170.42, the solar stock appears to have caught strong support dating back to May. It’s also over-extended on RSI, MACD, and Williams’ %R. From its current price, we’d like to see it retest at $220 again shortly. Helping, analysts at BMO Capital recently upgraded the stock to outperform with a $237 price target.
BMO added that FSLR is “a winner under the IRA in terms of increasing earnings power (PTCs and capacity growth) and increasing visibility (backlog growth) as developers race to secure domestic solar modules with FSLR the only significant U.S. producer today.”
Deutsche Bank also upgraded the stock to a buy rating, with a price target of $235. “All-in we walked away from the Analyst Day with a positive message, and we believe First Solar delivered what investors have been looking for — a strong 3-year roadmap, with improving numbers and core margins.”
Oppenheimer jumped in, raising its price target to $268 a share, with an outperform rating. The firm also believes FSLR is “well positioned to capture significant share within the U.S. solar market with a significantly advantaged cost profile.”