Ian Cooper’s Stock Pick of the Week

Chart of Day: First Solar (FSLR)

After a rough start to the year, First Solar (FSLR) is showing signs of life.

In fact, after dropping from about $198.87 in recent weeks, it appears to have caught strong support after refilling its bullish gap from early May.

Now at $159.37, we’d like to see FSLR rally back to $200 initially.

Helping, analysts at Jefferies recently raised their price target by $30 a share to $157. The adjustment follows a detailed review of the potential impacts of the House bill, which includes restrictions under the Foreign Energy Output Credit (FEOC), as noted by Investing.com.

Analysts at Mizuho raised their price target by $24 a share to $275 with an outperform rating.

As noted, Guru Focus, “The firm’s [Mizuho’s] evaluation, informed by the House’s proposed legislation and further industry insights, reveals a more optimistic scenario for renewable energy compared to widespread concerns.

Most large-scale renewable initiatives continue to remain financially viable, thanks to existing credits valid until 2028, with strong demand expected to persist as renewables remain the most cost-effective option.”