The recent pullback in First Solar shares has created an attractive entry point, according to BMO Capital Markets. Analyst Ameet Thakkar upgraded shares to outperform from market perform. He maintained his price target of $237 on shares, which suggests 39% returns from Wednesday's close. "FSLR stock has declined by an unwarranted degree following its recent Analyst Day in our view.
he continued. Shares of the solar company have tumbled 18% since its second-quarter earnings call. By comparison, the S & P 500 has declined 3% over the same period. Underperformance has accelerated since the company's positive analyst day on Sept. 7, with the stock losing about 5% since. BMO views First Solar as a winner under the Inflation Reduction Act, which it believes will help the company's earnings power.
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