
© Reuters. First Solar (FSLR) ‘Uniquely Positioned’ to Leverage IRA Benefits – Evercore ISI
By Sam Boughedda
Evercore ISI analysts raised the company’s rating on First Solar (NASDAQ:) shares to Outperform versus In Line, raising the price target to $150 per share from $88 in a note to clients Thursday. .
The upgrade follows a meeting between Evercore ISI and “major solar industry leaders” last week across various industry verticals, including utility, residential, commercial and industrial solar during the RE+ conference in Anaheim, California.
“The IRA is a game-changer for solar energy because the legislation, with its enduring and broadly defined (and expanded) subsidies and portable tax credits, has provided assurances to solar energy developers and investors. (and other renewables) on a scale that has never been attempted in this country,” the analysts wrote.
Commenting on First Solar, they said that while Asia has long dominated the market and large Chinese solar manufacturers remain a competitive threat to the company, they see the IRA as a positive catalyst to “increase domestic production and can -be beginning to shift consumer utility solar module supply models to the United States”
“In our view, First Solar is in a unique position to benefit from both the push and pull of the new supply and demand benefits offered by the IRA,” the analysts added.