First Solar price target lowered to $260 from $286 at BMO Capital

BMO Capital lowered the firm’s price target on First Solar (FSLR) to $260 from $286 but keeps an Outperform rating on the shares. Not many investors are surprised by the magnitude of the company’s guidance cut, and while several one-off factors contributed to the lower 2024 outlook, the firm was surprised that project push outs were not a primary factor, the analyst tells investors in a research note. BMO adds however that First Solar is “a winner” under the Inflation Reduction Act in terms of increasing earnings power and increasing visibility as developers race to secure domestic solar modules.