BofA analyst Julien Dumoulin-Smith downgraded First Solar to Neutral from Buy with a price target of $195, down from $196. Following the stock’s outperformance since August, the benefit of the Inflation Reduction Act, or IRA, appears priced in and the potential upside now appears "less compelling," the analyst tells investors. Between the shares’ outperformance and recent weakness in global solar prices, the "favorable drivers are largely embedded," the firm contends.
Published first on TheFly
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