Goldman Sachs upgrades First Solar to buy, predicts the climate bill beneficiary will rally 30% via /r/wallstreetbets #stocks #wallstreetbets #investing

Goldman Sachs upgrades First Solar to buy, predicts the climate bill beneficiary will rally 30%

Goldman Sachs stated that investors should buy First Solar shares as they reap the benefits of the new climate bill. Analyst Brian Lee upgraded shares of the stock to buy from to sell and stated in a Wednesday note to clients that he believes the company will be a long-term beneficiary of the bill’s solar panel manufacturing credits.

He wrote that FSLR is one of the most levered to US demand tailwinds in our solar panel supplier coverage. The US accounts for approximately 80% of the company’s revenue. The climate bill — formally known as the Inflation Reduction Act — offers rebates and tax credits to consumers for climate-focused products such as electric vehicles and solar panel roof installations, while aiming to incentivize the manufacturing of clean energy products at home .

First Solar last month announced that it would invest up $1 billion to construct a new U.S. solar panel manufacturing plant. Markets have been impressed by the sector since its passage. Goldman’s coverage of solar companies has seen a rise of 30% to 40% in shares, and First Solar is no exception. We are pleased to report that our upgrade was not too early. Lee noted that the stock is up 64% in the six months since IRA legislation was introduced, but that there are still some upsides to what has quickly became a domestic solar manufacturing champ across our coverage.

Lee also anticipates more upside in 2023, 2024, as more people revise their estimates moving forward. First Solar shares have risen nearly 55% in the past year, but could rise another 28% from Wednesday’s closing. This is based on the bank’s $172 price target. Lee upgraded Maxeon Solar Technologies’ status to buy, while downgrading Canadian Solar and Shoals Technologies Group shares.


Goldman Sachs (GS) upgrades its buy rating for First Solar (FSLR) and predicts it will rally 30% being a beneficiary of the new Climate Bill. Do you agree it is now time to buy FSLR?

Submitted September 08, 2022 at 02:25PM by predictany007
via reddit