BMO Capital upgraded First Solar (NASDAQ:FSLR) to Outperform from Market Perform with an unchanged price target of $237 per share in a note Thursday.
Analysts said the firm is upgrading the solar stock following the continued pullback in its shares post-analyst day.
“FSLR stock has declined by an unwarranted degree following its recent Analyst Day in our view,” they argued.
“We believe consensus 2024-26 estimates are too low, but remain focused on 2027+ earnings power where FSLR is not fully sold out,” they added.
At its current share price, the analysts believe that even using their firm’s conservative assumptions for declines in ASPs and utilization rates, they see an “attractive risk/reward on ‘normalized’ post 2026 adj. EBITDA.”