BMO Capital Upgrades First Solar (FSLR) to Outperform Citing Valuation
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BMO Capital analyst Ameet Thakkar upgraded First Solar (NASDAQ: FSLR) from Market Perform to Outperform with a price target of $237.00.
The analyst comments "We use a blended valuation approach which incorporates DCF, P/E, and EV/EBITDA. Importantly, we normalize our
DCF, EPS, and EBITDA estimates used in our valuation to back out the impact of IRA-related PTCs and value the company on a normalized basis. We then add our estimate for the DCF value of PTCs through 2023 to account for the finite timeframe of the legislation."
Shares of First Solar closed at $170.50 yesterday.
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