Baird upgraded the solar stock to "outperform" from "neutral"
Shares of First Solar Inc (NASDAQ:FSLR) are up 3.7% at $248.22 before the open, after Baird upgraded the solar stock to "outperform" from "neutral" and raised its price target to $318 from $205. The firm cited expected benefits from a strong utility-scale solar market, saying the removal of Section 232 tariff uncertainty should get rid of overhang and allow prices to resume at average cost.
This bull note comes just days after HSBC upgraded First Solar to "buy" from "hold." Mizuho also recently raised its price target to $324 and reiterated an "outperform" rating after tariff details came in better than expected.
There is still room for additional upgrades. Of the 34 analysts covering First Solar, 14 carry a "hold" or worse rating, compared to 20 "buy" or better recommendations.
Short interest is notable as well. The 9.89 million shares sold short account for 9.74% of First Solar's available float, representing over four days' worth of potential buying power.
FSLR has already added 13.4% this month after a bouncing off the $200 level. Year to date, the shares are coming into today with an 8.4% deficit.