Solar stocks, like First Solar (FSLR) could see brighter days ahead.
Just this morning, Argus analysts raised their price target on FSLR to $123 from $104, with a buy rating still in place. As noted by TheFly.com: The company’s lower Q2 EPS results compared to last year’s Q2 was due to an impairment expense associated with a legacy systems business asset in Chile, which is not a “structural” event, the analyst tells investors in a research note. [Bill] Selesky is positive on First Solar’s earnings next year, with “significant improvement” driven by lower inflation and the resolution of supply-chain issues.
Even after gapping from $75 to a current price of $99.17, FSLR could see higher highs.
Helping, it appears the Democrat’s climate bill will have enough votes for passage. According to NPR, Arizona Sen. Kyrsten Sinema’s “announcement all but locks in the bill for Democrats, who need all 50 Democratic votes on board in order for the bill to pass, with a tie-breaker vote from Vice President Kamala Harris.”