Morgan Stanley analyst Andrew Percoco lowered the firm’s price target on Maxeon Solar to $5 from $14 and keeps an Equal Weight rating on the shares. After the substantial selloff in clean tech stocks in 2023, the firm thinks clean energy valuations could see meaningful improvement in 2024 if interest rates fall, as the firm’s economists and strategists predict. Companies that have demand visibility and profitable growth should outperform until rates and macro uncertainty subside, says the analyst, who adds in a preview note for the group that the firm doesn’t see an IRA repeal as likely, but anti-IRA rhetoric “could serve as an overhang for the sector.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on MAXN:
- Maxeon Solar says as part of reorganization Philippe Costemale COO to step down
- Largest borrow rate increases among liquid names
- Maxeon Solar begins investigation of several companies for patent infringement
- Maxeon Solar initiated with a Neutral at Mizuho
- Maxeon Solar price target lowered to $10 from $12 at BofA