Bank of America (BofA) Securities raised its price target on First Solar (FSLR) to $291.00 from $255.00. BofA simultaneously reaffirmed a "Buy" rating on the stock.
This positive revision follows a period of volatility. The upgrade occurs just two days after a downgrade from Jefferies and the announcement of a law firm investigation. These events had contributed to a significant stock price drop earlier in the week.
BofA maintains confidence in the solar manufacturer’s business prospects and its leading market position. The firm based its optimistic outlook on a blended valuation approach, combining discounted cash flow analysis with EV/EBITDA estimates.