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First Solar (NASDAQ:FSLR) bounces between modest gains and losses Thursday as Barclays upgraded the stock to Overweight from Equal Weight with a $224 price target, saying the company has the best visibility among utility-scale peers, as evidenced by its contracted backlog that extends out to 2030 and is fully sold through 2026.
In an environment filled with uncertainty around the trajectory of utility-scale growth, Barclays analyst Christine Cho believes First Solar’s (FSLR) contracted backlog, domestic content advantages and current valuation offer an attractive entry point for investors.
At this time, Cho thinks only U.S.-produced First Solar (FSLR) panels can get a developer to the 40% domestic content threshold required by the Inflation Reduction Act; “as a result, we think that even in the face of a utility-scale slowdown, demand for U.S.-produced FSLR panels would still remain robust and insulated from the risk.”