Mizuho initiated coverage of Maxeon Solar with a Neutral rating and $7 price target. Maxeon, which sells premium solar panels into the U.S. and Europe, faces headwinds from weaker module pricing due to a global supply glut and increased competition, the analyst tells investors. While Maxeon stands to benefit from solar manufacturing tax credits under the IRA, the firm does not believe the U.S. factory expansion is fully priced in, the analyst added.
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