First Solar Gets 21% Price Target Bump By Analyst, Here's Why

November 7, 2022 12:17 PM | 1 min read |

Keybanc analyst Sophie Karp maintained First Solar Inc FSLR with an Overweight and raised the price target from $145 to $175.
She updated her estimates to reflect the Annual Maintenance Contract's (AMC) impact on FSLR's earnings in 2023 and beyond.
She also boosted the price target to reflect the value of tax credits FSLR is eligible for.
Also Read: First Solar Earns Analyst Upgrade Thanks To Strength In Bookings
The re-rating reflected her belief that the impact of the IRA is not fully reflected in the valuation yet, despite the recent outperformance.
She also envisions further potential upside from incremental capacity additions, which she believes would be well-supported by the current economics.
Price Action: FSLR shares traded lower by 3.95% at $147.55 on the last check Monday.