Roth sees First Solar shares recovering after forced labor headlines

Roth MKM analyst Philip Shen keeps a Buy rating on First Solar with a $230 price target after the company found through an internal audit that workers in its Malaysian facility were victims of forced labor. While this is a near-term headline negative, there should not be any major ongoing issues, the analyst tells investors in a research note. Ultimately, the firm expects the stock to recover. Roth thinks First Solar will “move beyond this issue quickly.” This can be a positive for First Solar in the long run as it shines a light of potential risk on the Southeast Asia manufacturing ecosystem, and customers may need to rely on the company’s modules even more, contends the firm