BMO Capital raised the firm’s price target on First Solar to $237 from $235 and keeps a Market Perform rating on the shares. The company’s Analyst Day presentation left the firm “incrementally constructive” as the management’s outlook for 2024-2026 gross and operating margins imply significant upside to consensus and its prior estimates, the analyst tells investors in a research note. First Solar is seen as a winner under the Inflation Reduction Act in terms of increasing earnings power and increasing visibility as developers race to secure domestic solar modules, with the company being the only significant U.S. producer today, BMO added.
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