UBS analyst Jon Windham upgraded First Solar to Buy from Neutral with a price target of $250, up from $140. UBS sees First Solar as the most significant beneficiary of the Inflation Reduction Act, with high visibility on capacity, revenue and earnings growth through 2026, the analyst tells investors in a research note. The scale of the domestic manufacturing tax credits more than absorbs concerns about the potential impacts of startup and ramp costs driving margin dilution in 2023-2024E as First Solar ramps U.S. manufacturing, the firm says.
Published first on TheFly
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