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First Solar’s (NASDAQ:FSLR) price target was raised to $250 from $205 per share at TD Cowen on Wednesday, with analysts reiterating an Outperform rating on the stock.
The company is set to report its first-quarter results on Thursday, April 27, after the close. The analysts told investors in their Q1 preview that IRA guidance and the CRA vote are wild cards and may serve as catalysts for the stock.
“We remain constructive on FSLR heading into 1Q23 results seeing sentiment and policy catalysts related to CRA and IRA domestic content guidance,” the analysts wrote.
TD Cowen is positive into the print and expects “moderating bookings that include rising ASP (driven by customers seeking domestic content) with ASP upside potential starting in 2024 from adjusters related to realizing technology roadmap milestones.”
“Checks with developers suggest the pace of construction starts in March was up 2-3x relative to earlier in 2023 as many new projects in the U.S. are outside CA/TX and winter seasonality plays a larger role than years past. We believe activity with First Solar remained elevated,” added the analysts. “We continue to focus on the longer-term margin potential and earnings power for the company as scheduled capacity ramps.”
