First Solar downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Sean Morgan downgraded First Solar to In Line from Outperform with a price target of $157, up from $150. First Solar has been "the major beneficiary" of the announcement of the Inflation Reduction Act and has outperformed residential solar installer peers by a wide margin since July 2022, the analyst tells investors in a research note. However, with the company’s capacity largely sold out through 2025-2026, and current manufacturing volume expansion already factored into models, the benefits of the IRA are being largely reflected in the current share price, contends the firm. Evercore moves to the sidelines after First Solar’s "massive outperformance."