BMO Capital Upgrades First Solar (FSLR) to Outperform Citing Valuation

(Updated - September 14, 2023 4:59 AM EDT)

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."

For an analyst ratings summary and ratings history on First Solar click here. For more ratings news on First Solar click here.

Shares of First Solar closed at $170.50 yesterday.

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