Citi Upgrades First Solar (FSLR) to Buy, 'Catalyst Rich Environment'
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(Updated - April 19, 2021 5:08 AM EDT)
Citi analyst J.B. Lowe upgraded First Solar (NASDAQ: FSLR) from Neutral to Buy with a price target of $100.00 (from $88.00).
The analyst comments "We upgrade FSLR to Buy, raise our TP to $100 (from $88) and open a 90-day catalyst watch on the potential for multiple positive catalysts over the next several months. We identify five potential catalysts across U.S. tax policy (potential inclusion of a 10-year solar tax credit extension and the revival of the 48C Advanced Manufacturing Tax Credit), U.S. trade policy (extension of Section 201 tariffs on imported Chinese solar panels, potential sanctions against Xinjiang-sourced solar products) and upward estimate revisions related to production and margin outperformance. Any one of the catalysts would cause FSLR to outperform, in our view, resulting in an attractive risk/reward proposition over the next several months."
Shares of First Solar closed at $80.14 yesterday.
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