MAXN - Maxeon Solar Chart Industries move higher after Raymond James upgrades

Maxeon Solar Technologies ( NASDAQ: MAXN ) +12% in Wednesday's trading after Raymond James upgraded shares to Outperform from Market Perform with a $22 price target, saying recent weakness does not reflect the long-term uplift in profitability from the company's plans to establish a manufacturing footprint in the U.S.

While the startup of manufacturing in the U.S. likely will be a 2025 story, Ray Jay's Pavel Molchanov thinks the company's base business in Malaysia, Mexico and the Philippines is "attractively valued" while investors wait for the details on the U.S. manufacturing roadmap.

Molchanov also double upgraded Chart Industries ( NYSE: GTLS ) to Strong Buy from Market Perform with a $160 price target following the company's November decision to buy Howden from KPS Capital Partners, which caused the stock to plunge by more than 50%.

The analyst views his upgrade as a "contrarian idea," and he does not predicting the stock will recover to pre-Howden highs anytime soon, "but we are of the view that the worst is in the rearview mirror."

Last week, Maxeon Solar ( MAXN ) named Bill Mulligan, mostly recently COO at Sila Nanotechnologies, as its new CEO .

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