Analyst Shifts Stance On First Solar, Upgrades To Hold Amid ESG Push
Portfolio Pulse from Shivani Kumaresan
GLJ Research has upgraded First Solar Inc (NASDAQ:FSLR) from Sell to Hold with a price target of $157.56. The company expects to benefit from the Inflation Reduction Act, with $0.17 per watt for each module sold. The analyst believes First Solar's story is still strong, but the solar industry may face a rerating lower of valuation multiples.
June 02, 2023 | 2:50 pm
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First Solar upgraded to Hold by GLJ Research with a price target of $157.56. The company is expected to benefit from the Inflation Reduction Act, but the solar industry may face valuation challenges.
The upgrade from Sell to Hold by GLJ Research indicates a more positive outlook for First Solar. The company is expected to benefit from the Inflation Reduction Act, which will provide financial support for its made-in-the-USA modules. However, the solar industry as a whole may face a rerating lower of valuation multiples, which could impact First Solar's stock price. Therefore, the short-term impact on FSLR's stock price is neutral.
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