First Solar price target raised to $326 from $325 at Oppenheimer

Oppenheimer raised the firm’s price target on First Solar to $326 from $325 and keeps an Outperform rating on the shares. The firm notes the company delivered strong results, while reiterating guidance despite an anticipated 400MW de-booking in the quarter. Oppenheimer believes investors are correctly focused on risk to the IRA from a possible Republican sweep and the potential positive impact of import duty level determination in the recent AD/CVD ruling, but underlying demand appears to be strong as pricing on new bookings continued higher, including a new U.S. customer supporting a hyperscaler with 0.6GWW project. The firm continues to see upside to power pricing and generation equipment driven by data center demand.