Morgan Stanley analyst Andrew Percoco upgraded First Solar to Equal Weight from Underweight with a price target of $206, up from $180. The analyst continues to see long-term risk to First Solar’s margin profile as competition among domestic solar panel manufacturers increases. However, the firm acknowledges that the company’s “substantial” 77.8 GW backlog de-risks its earnings profile through 2026. This warrants a premium multiple versus peers, the analyst tells investors in a research note. Morgan Stanley does not see a “clear and high-conviction catalyst to the downside” for the shares.
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