First Solar Rises On Citi Upgrade, Sees Multiple Triggers Ahead

imageStock Markets21 minutes ago (Apr 19, 2021 10:29AM ET)

(C) Reuters.

By Dhirendra Tripathi – First Solar (NASDAQ:FSLR) shares eased off a bit but were still higher by more than 2% after Citi (NYSE:C) upgraded the solar panel manufacturer to buy from neutral.

Analyst J.B. Lowe now sees the stock at $100, 22% higher from its prevailing levels and 13.6% more from his previous target of $88.

The stock is currently almost 27% off its 52-week high of $112.5.

The analyst sees “multiple positive catalysts (for the stock) over the next several months.”

Lowe listed potential inclusion of a 10-year solar tax credit extension and the revival of the 48C advanced manufacturing tax credit as triggers for the stock.

He believes the U.S. could also extend tariffs on imports of Chinese solar panels, and he sees a possibility of sanctions against solar products sources from Xinjiang in China.

“Any one of the catalysts would cause FSLR to outperform, in our view, resulting in an attractive risk/reward proposition over the next several months,” he wrote.

First Solar Rises On Citi Upgrade, Sees Multiple Triggers Ahead

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