Citi upgrades FSLR, says shares will benefit regardless of U.S. presidential election outcome

Pelican Press · 2024-10-23T09:59:49+0000

This is the hidden content, please Sign In or Sign Up Citi upgrades FSLR, says shares will benefit regardless of U.S. presidential election outcome Citi moved off the sidelines on First Solar ahead of the presidential election and earnings. Analyst Vikram Bagri upgraded the solar stock to buy from neutral and raised his price target by $54 to $254. Bagri’s new target implies upside of 29.4% from where the stock finished during Monday’s session. “We expect FSLR to benefit from either candidate winning the presidential election,” Bagri said. “A Democratic win may drive sharpest recovery in FSLR shares in the sector while a *********** win will likely drive higher tariffs resulting in a longer-term recovery.” Beyond the election, Bagri said the stock is pricing in concerns tied to earnings. Citi anticipates $3.10 in diluted earnings per share for the third quarter, slightly below the consensus forecast of $3.12. The company is expected to report next week. “We believe investor expectations ahead of 3Q results have adjusted lower,” he said. “To the extent there are delays and cancelations, FSLR’s margins should be well protected.” Elsewhere, Bagri said predicting an antidumping and countervailing duty rate can be difficult after announcements by the Commerce Department imply it will be on the lower end. While the analyst said a 30% total tariff should not be completely ruled out, investors are expecting it to be sizably lower. FSLR YTD mountain First Solar, year to date First Solar shares added nearly 3% before the bell Tuesday. The stock has climbed close to 14% in 2024, meaning it has underperformed the broader market this year. On the other hand, Bagri downgraded ********* Solar to sell from neutral. Shares dropped more than 4% in Tuesday premarket trading as a result. This is the hidden content, please Sign In or Sign Up #Citi #upgrades #FSLR #shares #benefit #U.S #presidential #election #outcome This is the hidden content, please Sign In or Sign Up This is the hidden content, please Sign In or Sign Up

By Pelican Press,
October 23 in World News

https://hopzone.eu/forums/topic/152562-citi-upgrades-fslr-says-shares-will-benefit-regardless-of-us-presidential-election-outcome/

Followers 1

Trader Feedback

0 0 0

Total Rating 0%

Diamond Member

- Share

Posted October 23

This is the hidden content, please