First Solar upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded First Solar to Outperform from Market Perform with an unchanged price target of $237. The stock stock has declined by an “unwarranted degree” following the company’s recent analyst day, the analyst tells investors in a research note. The firm believes consensus estimates through 2026 are too low, but says investors remain focused on 2027 earnings power where First Solar is not fully sold out. However, at its current share price, and even using our conservative assumptions for declines in selling prices and utilization rates, the stock’s risk/reward is attractive on “normalized” post 2026 adjusted EBITDA, contends BMO.