First Solar upgraded to Buy at Janney Montgomery Scott ahead of earnings

As previously reported, Janney Montgomery Scott analyst Sean Milligan upgraded First Solar (FSLR) to Buy from Neutral with a $260 fair value estimate ahead of the company’s report due after today’s close. Shares are down about 32% from their $300 high seen in mid-June, reflecting increased uncertainty related to project push-outs, AD/CVD tariff rulings and post-election worries, notes the firm, which sees a “much improved risk-reward profile” given the current valuation. Visibility should improve after the election and a Trump win would put a bigger focus on tariffs, which the firm thinks would be a positive for long-term pricing assumptions, the analyst added.