First Solar (NASDAQ:FSLR) stock is taking off on Friday as investors react to updated coverage from Goldman Sachs analyst Brian Lee.
In a note to clients, Lee reiterated his “buy” rating for shares of FSLR stock following its positive earnings report. To put that in perspective, the analysts’ consensus rating for FSLR is “moderate buy” based on 21 opinions.
To go along with that “buy” rating, the Goldman Sachs analyst also has a price target of $292 per share for the stock. That represents a potential upside of 46.8% over the stock’s closing price for Thursday. That price prediction is also well above the analysts’ consensus of $219.96 per share.
What’s Behind the Bullish FSLR Stock Rating
Here’s a portion of what Lee said to clients about First Solar in a note obtained by CNBC:
“Since the passage of the [Inflation Reduction Act], FSLR has cumulatively amended ~10GW of contracts to provide [average selling price] upside related to U.S. manufacturing, and we see more potential for ongoing pricing power leverage in future contracts/renegotiations.”
Investors will also want to keep an eye on FSLR stock in the coming weeks. The company is preparing for an Investor Day event on Aug. 7. The news shared that day could act as another catalyst for the company’s shares.
FSLR stock is up 12.9% as of Friday morning.
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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.
