First Solar (NASDAQ:FSLR) stock rose on Friday after the solar power company got an upgrade from UBS.
UBS analyst Jon Windham is behind this news as he pushes shares of FSLR stock from a “neutral” rating to a “buy” rating. To put that in perspective, the consensus analysts’ rating for FSLR shares is “moderate-buy.” That comes from 19 analysts’ opinions.
In addition to this, the UBS analyst also increased his price target for FSLR stock from $140 per share to $250 per share. That represents a potential 26.1% upside for the stock compared to its prior close. Also, the analysts’ consensus price target for FSLR is sitting at $187.17 per share.
What’s Behind the Bullish FSLR Stock Upgrade
Windham says that First Solar is likely to be “the most significant beneficiary of the Inflation Reduction Act.” He notes that developers are working to hit the 10% threshold in the act, and also notes that it could benefit from tax breaks.
Keeping this in mind, the UBS analyst expects the company to greatly expand its business over the next few years. This has him predicting its production volume will more than double between 2023 and 2027.
FSLR stock investors are responding well to this news, with the company’s shares gaining 3.8% as of Friday morning. The stock is also up 40.2% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.