Argus raised the firm’s price target on First Solar to $225 from $200 and keeps a Buy rating on the shares. The company’s Q1 results topped consensus estimates as its sales rose 45% from prior year, the analyst tells investors in a research note, also noting that under the Inflation Reduction Act, or IRA, First Solar is now eligible to receive federal tax credits in the U.S. that will meaningfully boost its margins. The firm adds that First Solar should also benefit from increased demand, as its products help customers to meet the U.S. content requirements that make them eligible to profit from the IRA.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FSLR:
- 3 Best Renewable Energy Stocks to Buy in May 2024, According to Analysts
- First Solar price target raised to $271 from $269 at Oppenheimer
- First Solar price target raised to $232 from $227 at Evercore ISI
- First Solar price target raised to $209 from $196 at Mizuho
- First Solar price target lowered to $356 from $359 at Guggenheim