Morgan Stanley lowered the firm’s price target on First Solar (FSLR) to $297 from $329 and keeps an Overweight rating on the shares. Operational challenges and India market headwinds drove downside to Q3 results and 2024 volume and revenue guidance, notes the analyst, who thinks project delays remains a risk for Q4 and expects heightened volatility in the shares around the U.S. presidential election. However, the current valuation already heavily discounts IRA repeal risk and/or well below consensus EPS estimates, the analyst tells investors.
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