Tuesday, 26 September 2023 10:39 GMT

First Solar A Big Beneficiary Of Dem's New Legislation: Analysts

(MENAFN- ValueWalk)
sergeitokmakov / Pixabay

Billions are earmarked for combating climate change , boding well for First Solar stock

Among clean energy companies set to benefit from a major spending package headed to the House this week, analysts said First Solar, Inc. (NASDAQ:FSLR) stands out given its scale and alternative energy services.

Get The Full Henry Singleton Series in PDF

Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q2 2022 hedge fund letters, conferences and more

What Investors Need To Know When Choosing A Private Equity Manager

It's no secret that this year has been a volatile one for the markets. The S&P 500 is down 18% year to date, while the Nasdaq Composite is off by 27% year to date. Meanwhile, the VIX, a key measure of volatility, is up 49% year to date at 24.72. However, it has spiked as Read More

Find A Qualified Financial Advisor

Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes . Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now .

First SolarIs Set To Benefit From New Legislation

First Solar , which makes solar panels and other photovoltaic gear, stands poised to receive a significant portion of the legislative-fueled windfall.

The Center for American Progress, a nonpartisan think tank, said the bill earmarks $369 billion over ten years to support clean energy deployment, domestic manufacturing, and pollution reduction.

JPMorgan Chase & Co (NYSE:JPM) analyst Mark Strouse believes that the bill's manufacturing credits will uadd $931 to First Solar's 2024 net income.

Strouse upgraded FSLR stock to“overweight” from“neutral

Guggenheim analysts upgraded First Solar to a“buy” rating from“neutral.” Also, Piper Sandler (NYSE:PIPR) boosted its price target for the company's shares to $120 from $90, rating it overweight.

Senate Democrats united after a series of false starts and eleventh-hour negotiations, eventually passing The Inflation Reduction Act .

It needs Hous- approval before it can go to the White House to be signed by President Biden. A House vote is expected this week.

The bill falls short of sweeping changes that President Joe Biden wanted in his original Build Back Better plan, but retains focus on climate, healthcare and taxes.

On July 28, First Solar reported a 52 cents a share second quarter profit, on $621 million revenue, beating estimates for both, according to consensus analyst estimates from Zacks Investment Research, which projected 30 cents a share profit and rev nine of $598.8 million.

However, on a cautionary note, an AP report mentioned that“First Solar expects a full-year loss of 25 cents per share, with revenue in the range of $2.55 billion to $2.8 billion.”

Article by Joshua Enomoto, Fintel

Updated on Aug 9, 2022, 4:18 pm


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.