First Solar sell-off presents buying opportunity, says RBC Capital

RBC Capital analyst Christopher Dendrinos keeps an Outperform rating and $315 price target on First Solar, saying the stock’s recent sell-off on the prospects of a Republican sweep at the November election presents an “attractive buying opportunity”. First Solar is an outsized beneficiary of the Inflation Reduction Act, but the 45X domestic manufacturing tax credit garners bipartisan support, and even with a Republican-led Congress and White House, a repeal of this program could be challenging, the analyst tells investors in a research note. RBC further notes that the Republican Party’s more aggressive protectionist policies could also strengthen First Solar’s competitive position.