FSLR - First Solar slips as Evercore downgrades after stock's outperformance

First Solar ( NASDAQ: FSLR ) -4.6% in Tuesday's trading as Evercore ISI downgraded shares to In-Line from Outperform with a $157 price target following the stock's massive recent outperformance, especially relative to residential installer companies.

First Solar ( FSLR ) has been the major beneficiary of the announcement of the Inflation Reduction Act, but "with the capacity for FSLR largely sold out through 2025-26, and current manufacturing volume expansion already factored into our model, we are beginning to see the benefits of the IRA and its PTC provisions being largely reflected in the current FSLR share price," Evercore's Sean Morgan wrote.

Solar shares ( TAN ) trade broadly lower, including Enphase Energy ( ENPH ) -4.8% and Sunrun ( RUN ) -4.2% , perhaps influenced by largely negative investor reactions to Q4 results from SolarEdge Technologies ( SEDG ).

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