Keep an eye on solar stocks, like First Solar (FSLR).
After a recent pullback, FSLR just caught double-bottom support around $190. It’s also over-extended on RSI, MACD, and Williams’ %R, and is attempting to pivot higher. From a current price of $190.09, we’d like to see FSLR again challenge $230 again shortly. Also, not only will it benefit from the Inflation Reduction Act, but it could also benefit from Goldman Sachs’ recent buy rating, with a $272 price target.
At the moment, the firm says it’s bullish ahead of multiple catalysts in the second half, with the potential to drive consensus estimates and the stock higher, as noted by Seeking Alpha. Also, Goldman’s Brian Lee sees “more active discussions around the manufacturing capacity expansion (likely in Southeast U.S.) could make for the next headline catalyst on the docket heading into Q2 earnings.”
Sincerely,
Ian Cooper
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