First Solar (NASDAQ:FSLR) stock is getting a boost on Friday after Morgan Stanley offered up a new rating for the solar panel company.
That has Morgan Stanley analyst Andrew Percoco upgrading FLSR stock from an “equal weight” rating to an “overweight” rating. It bears mentioning that the analyst consensus rating for FSLR shares is moderate buy based on 25 opinions.
In addition to that upgrade, the Morgan Stanley analyst increased the firm’s price target for FLSR stock from $214 per share to $237 per share. That represents a potential 64% increase for the shares. It’s also above the analyst consensus rating of $233.81 per share.
Why the Bull Stance on FSLR Stock?
Here’s what Percoco had to say about First Solar stock in a note to clients obtained by CNBC:
“We believe First Solar offers one of the strongest risk-adjusted earnings profile with its sold out position through 2026, which when combined with its cost hedging should result in 17 pct pts of relatively low-risk margin expansion through 2026, before accounting for IRA benefits.”
FSLR stock is up 2.5% as of Friday morning with some 1 million shares traded. Its daily average trading volume is about 2.2 million shares.
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On the date of publication, William White did not hold (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.