Wolfe Research Downgrades First Solar (FSLR) to Peerperform, 'Stepping off the rocket ship'
Wolfe Research analyst Steve Fleishman downgraded First Solar (NASDAQ: FSLR) from Outperform to Peerperform.
The analyst comments "Downgrade on valuation. The stock rose 26.5% on Friday on constructive Treasury guidance on domestic content and we think short covering. The move was much larger than expected. FSLR stock has more than fully recovered from the sell off post earnings and is at a new 15-year high. The stock has outperformed the TAN by 59% YTD after 77% outperformance in 2022. We continue to find the story attractive on earnings growth, positioning into a recession given significant contracting, and as an anti-China play. However, it has become more challenging to argue for material upside on fundamental valuation. We also remove FSLR from the Wolfe Alpha List."
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Shares of First Solar closed at $231.69 yesterday.