First Solar price target lowered to $185 from $189 at Evercore ISI

Evercore ISI lowered the firm’s price target on First Solar to $185 from $189 and keeps an In Line rating on the shares. First Solar has seen the lion’s share of IRA related outperformance over the last 12 months following the passage of the U.S.’s “largest ever clean energy legislation,” says the firm. While First Solar will likely continue to sell out the new production and the domestic content offering is an immediate near-term benefit, Evercore still sees continued risks from expanding Asian production and lowered barriers to entry and the firm expects supply of competitive modules that can achieve domestic tax status will continue to rise.