First Solar (FSLR) caught fire.
All after Bank of America reiterated a buy rating on the stock, with a price target of $165.
While the company recently missed on earnings and revenue, the firm believes First Solar’s prospects are among the best in the solar sector. They also believe the stock will benefit from the Inflation Reduction Act and a global push for greener energy.
Then, Guggenheim analyst raised their price target on FSLR from $200 to $233, with a buy rating. All after the solar company reported “very strong” booking activities, said analysts.
Barclays also upgraded the FSLR stock to equal weight from underweight, with a price target of $162. As noted by TheFly.com, Barclays said, “Demand for domestically-manufactured products supports First Solar’s pricing power while its almost sold-out status through 2026 “kicks the concern about potential ASP deterioration down the road.”
Piper Sandler also raised its price target to $200 on FSLR, with an overweight rating.
We’re long-term bulls on the FSLR stock. Near-term, the stock appears overbought and overdue for a pullback. Once that happens, we’d use weakness as an opportunity.
