Keep an eye on oversold shares of First Solar (SYM: FSLR).
After dropping from about $260 to $190, it caught support and is just starting to pivot higher. It’s also oversold on RSI, MACD and Williams’ %R. From its last traded price of $196.04, we’d like to see FSLR initially refill its bearish gap at around $230.
Also, over the last few weeks, analysts at Truist initiated a buy rating on the solar stock with a price target of $300. The firm cited “the company’s differentiated technology, continued investment in R&D, and sizable contracted backlog further securing [its] competitive moat both for current and future module technology iterations,” as noted by Seeking Alpha.
Citi analysts also upgraded FSLR to a buy rating with a $254 price target. They believe the stock will benefit regardless of the outcome of the upcoming election.
Plus, if we see even more interest rate cuts from the Federal Reserve, FSLR would benefit.