On Saturday, July 6, we noted, “Oversold shares of First Solar (SYM: FSLR) are starting to pivot higher. After slipping from about $310 to $214.37 following the presidential debate, it appears to have found strong support. It’s also starting to pivot from over-extensions on RSI, MACD and Williams’ %R.”
By Monday, July 8, FSLR opened at around $228. Now at $235.50, it’s still a solid buy, as the stock begins to pivot from oversold conditions. Helping, tame inflation data is now pointing to a strong possibility of rate cuts sooner than later from the Federal Reserve.
Plus, according to analysts at RBC Capital, the pullback is an opportunity. With an outperform rating and a price target of $315, the firm said the stock’s recent sell-off on the prospects of a Republican sweep at the November election presents an “attractive buying opportunity,” as quoted by TheFly.com.