First Solar lost his investment rating
2022.11.28 11:31
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First Solar lost his investment rating
Budrigannews.com – First Solar, Inc. at JPMorgan, the stock has been downgraded to Neutral from Overweight, and the price target on the stock has been raised to $190 from $147.
Due to the stock’s recent outperformance since the Inflation Reduction Act’s announcement, JPMorgan analysts informed investors that the company is downgrading the stock.
“We believe that FSLR will benefit the most from the IRA’s domestic manufacturing tax credits in the near and medium term;”We believe the ‘easy money’ has now been made, however, with the stock up >120% over the past four months,” the analysts stated.
Even though they anticipate that the rate of First Solar’s multiple re-rating will slow, JPMorgan believes that existing shareholders should maintain their positions and that First Solar’s bookings will continue to be strong.
Strouse added, “Based on a sum of the parts of FSLR’s core operations and anticipated value from manufacturing tax credits, our Dec 23 price target goes to $190 from $147.”Based on a DCF, we estimate that manufacturing tax credits have a value of $71, and we assume that customers will increasingly share the ten-year credit on new bookings beginning in FY27.”
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