First Solar initiated with a Market Perform at BMO Capital

BMO Capital analyst Ameet Thakkar initiated coverage of First Solar with a Market Perform rating and $204 price target. Demand for domestic modules that adhere to Inflation Reduction Act domestic content requirements and comply with additional regulations improves the company’s backlog and pricing power, the analyst tells investors in a research note. However, the firm sees these positives as largely reflected in First Solar’s current share price. It cites the stock’s significant year-to-date outperformance for the Market Perform rating.