At Extreme Investor Network, we have our finger on the pulse of the stock market, especially when it comes to investing in renewable energy companies. Recently, Citi analyst Vikram Bagri made a bold move by upgrading First Solar to a buy rating ahead of the presidential election and earnings announcement. This upgrade comes with a raised price target of $254, representing a 29.4% upside potential from the current stock price.
Bagri’s optimism stems from the belief that First Solar stands to benefit regardless of the election outcome. In the event of a Democratic win, the stock could see a sharp recovery, while a Republican victory may lead to higher tariffs and a longer-term recovery. Furthermore, Bagri notes that investor concerns surrounding the company’s earnings are already priced into the stock, with Citi forecasting slightly lower earnings per share for the third quarter compared to the consensus estimate.
Looking beyond the immediate future, Bagri acknowledges the uncertainty surrounding antidumping and countervailing duty rates. While the Commerce Department’s recent announcements suggest a lower rate, the market is expecting a more lenient tariff regime. Despite these challenges, First Solar has shown resilience, with a modest 3% increase in share price year to date.
On the flip side, Bagri took a more cautious stance on Canadian Solar, downgrading the stock to sell from neutral. This move was met with a more than 4% drop in the company’s share price during premarket trading.
As a member of the Extreme Investor Network, you can stay ahead of the curve with expert insights and analysis on the latest investment opportunities in the renewable energy sector. Don’t miss out on the potential gains in companies like First Solar and Canadian Solar – join us today and take your investing to the next level!