Deutsche Bank upgraded First Solar to Buy from Hold with a price target of $235, up from $220. The company delivered a strong growth message over the next three years at its analyst day, the analyst tells investors in a research note. The firm says First Solar’s core margins will be supported by selling prices and cost reductions, while overall the Inflation Reduction Act 45x tax credit “will add another boost to numbers.” Deutsche walked away from the analyst day with a “positive message” and believes First Solar delivered what investors have been looking for – a strong three year roadmap, with improving numbers and core margins.
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