Keep an eye on solar stocks, like First Solar (FSLR).
At the moment, FSLR is consolidating around $182 a share. From here, we’d like to see it break higher, with a potential test of $200 near term. Helping, analysts at Evercore ISI just upgraded the stock to an outperform rating with a price target of $227. In addition, President Biden unveiled a $7 billion grant for solar power under the Inflation Reduction Act.
“Under the Environmental Protection Agency’s Solar for All program, the administration announced funding awards to states territories, tribal governments, municipalities and nonprofits to develop long-lasting solar programs that are targeted towards the communities and people who need them most,” EPA Deputy Admin. Janet McCabe said, as quoted by CNN.
“The solar grants are being awarded by the Environmental Protection Agency, which unveiled the 60 recipients. The projects are expected to eventually reduce emissions by the equivalent of 30 million metric tons of carbon dioxide and save households $350 million annually,” added the Associated Press.
