First Solar Stock News and Forecast: FSLR stock upgraded by Goldman Sachs
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UPGRADE- First Solar stock rises after upgrade by Goldman Sachs.
- FSLR should benefit from the Inflation Reduction Act.
- FSLR is already up 80% in the past six months.
First Solar (FSLR) stock is rising on Thursday on the back of an upgrade from Goldman Sachs. First Solar is as the name would suggest a solar energy company. It designs and manufactures solar products and sells them globally.
First Solar stock news
The big move this morning is on the back of an upgrade from Goldman Sachs. Goldman increased their price target from $60 to $172 and moved its rating from Sell to Buy. First Solar closed Wednesday at $134.80, so that leaves some 30%-plus to the upside, according to Goldman. The firm said First Solar is best placed to benefit from the Inflation Reduction Act. FSLR stock has had a series of recent upgrades. Bank of America recently raised its price target from $141 to $152, while Baird raised its target from $119 to $164. First Solar recently announced an investment of over $1 billion to expand US manufacturing capabilities. The company said the Inflation Reduction Act was behind its investment decision.
First Solar stock forecast
Too fast, too furious springs to mind here. FSLR stock spiked 15% on July 28 after news broke of Senator Joe Manchin agreeing to the Inflation Reduction Act. First Solar also released results ahead of forecasts that day. Since then the stock is up nearly 75% in the space of a little over a month. During the earnings call, however, the company lowered future EPS guidance and warned in particular about the weakness of the yen. Since then the yen has lost another 8%, which will be an additional headwind. This current 75% move is all potential, but the near term will provide some challenges.
In terms of the weekly chart below, FSLR looks extended. It is outside the linear regression channel and also has broken the top trend line. The Relative Strength Index (RSI) is also showing strongly overbought conditions.
FSLR weekly chart
The daily chart is much the same: overbought RSI and extended.
FSLR daily chart
- First Solar stock rises after upgrade by Goldman Sachs.
- FSLR should benefit from the Inflation Reduction Act.
- FSLR is already up 80% in the past six months.
First Solar (FSLR) stock is rising on Thursday on the back of an upgrade from Goldman Sachs. First Solar is as the name would suggest a solar energy company. It designs and manufactures solar products and sells them globally.
First Solar stock news
The big move this morning is on the back of an upgrade from Goldman Sachs. Goldman increased their price target from $60 to $172 and moved its rating from Sell to Buy. First Solar closed Wednesday at $134.80, so that leaves some 30%-plus to the upside, according to Goldman. The firm said First Solar is best placed to benefit from the Inflation Reduction Act. FSLR stock has had a series of recent upgrades. Bank of America recently raised its price target from $141 to $152, while Baird raised its target from $119 to $164. First Solar recently announced an investment of over $1 billion to expand US manufacturing capabilities. The company said the Inflation Reduction Act was behind its investment decision.
First Solar stock forecast
Too fast, too furious springs to mind here. FSLR stock spiked 15% on July 28 after news broke of Senator Joe Manchin agreeing to the Inflation Reduction Act. First Solar also released results ahead of forecasts that day. Since then the stock is up nearly 75% in the space of a little over a month. During the earnings call, however, the company lowered future EPS guidance and warned in particular about the weakness of the yen. Since then the yen has lost another 8%, which will be an additional headwind. This current 75% move is all potential, but the near term will provide some challenges.
In terms of the weekly chart below, FSLR looks extended. It is outside the linear regression channel and also has broken the top trend line. The Relative Strength Index (RSI) is also showing strongly overbought conditions.
FSLR weekly chart
The daily chart is much the same: overbought RSI and extended.
FSLR daily chart
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