UBS analyst William Grippin initiated coverage of Maxeon Solar with a Neutral rating and $13 price target. Maxeon is positioned to be a significant beneficiary of manufacturing tax incentives under the Inflation Reduction Act, the analyst tells investors in a research note. However, the firm sees downside risk to second half of 2023 and 2024 consensus estimates given ongoing solar module pricing pressure in Europe, slowing U.S. residential solar demand driven by recent policy changes in California and high financing costs broadly.
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