First Solar price target raised to $261 from $176 at Argus

Argus analyst Bill Selesky raised the firm’s price target on First Solar to $261 from $176 and keeps a Buy rating on the shares. Despite the company’s Q4 operating loss that was driven by significantly higher operating costs mostly related to production start-up expense, Argus continues to expect a "monumental swing" to profitability for First Solar in 2023, helped by lower cost inflation and the resolution of most supply-chain issues, the analyst tells investors in a research note. Argus adds that the recently enacted Inflation Reduction Act is a huge positive and will be for years to come for the company.