Wells Fargo upgraded First Solar to Overweight from Equal Weight with a price target of $250, up from $187. The firm says that as the solar sector continues to struggle due to several headwinds, it is getting more defensive with its ratings. Wells upgrade First Solar due to its relative stability and several potential catalysts. The firm downgraded Sunnova Energy (NOVA) as interest rates may stay higher for longer. First Solar is sold out through 2026, which provides near-term earnings stability, the analyst tells investors in a research note. The firm also sees a number of potential catalysts on the horizon from the lifting of bifacial exemptions, further trade barriers on Chinese panels, restricting Inflation Reduction Act credits and a potential Trump presidency.
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