Investors may want to keep an eye on First Solar (FSLR), we said on August 30.
For one, there’s the $370 billion clean energy bill. Two, Bank of America still believes the market is not full-appreciating First Solar with regards to the solar bill.
Three, First Solar just announced it would spend $1.2 billion on U.S. solar panel manufacturing capacity to “capitalize on the influx of capital and government funds designated for clean energy,” as noted by Barron’s. Four, analysts say the latest U.S. climate bill could add $3 billion to First Solar’s balance sheet over the next four years.
At the time, FSLR traded around $122. It’s now up to $137.15 and still racing higher.
This time on an upgrade from Goldman Sachs.
In fact, analyst Brian Lee just upgraded the FSLR stock to a buy, and boosted his price target to $172 a share. “We believe there is still modest upside to what has quickly become a domestic solar manufacturing champion across our coverage,” Lee said, as quoted by Barron’s. “After flowing in benefits from the recent IRA legislation, we still see meaningful upside to consensus estimates in 2023-2024.”
Even better, over the last few days, Bank of America analysts raised their price target on the FSLR stock to $152 from $141. Baird analysts also raised their price target to $164 from $119.