Seagate upgraded to ‘Buy’ rating on strong US market conditions By Investing.com

Investing.com – Seaport Research Partners has upgraded. First Solar Inc (NASDAQ:) from “neutral” to “buy” citing its strong position in the utility-scale solar and storage sector amid difficult macroeconomic conditions.

Seaport analysts issued a $274 price target on the stock, emphasizing the company’s vertically integrated U.S. manufacturing base and potential benefits from expected tariffs on solar revenue.

The Seaport sees First Solar in a good position to take advantage of possible changes in the Inflationary Reduction Act (IRA), which could encourage early bookings and strengthen the season.

According to the research note, utility-scale solar power and storage remain the most promising segments in the renewable energy space, including high interest rates and uncertainty over the upcoming Republican administration’s climate policy.

Seaport also maintains a “Buy” rating on Array Technologies Inc (NASDAQ: ) with a price target of $13. The company has announced that if the management works effectively, Array’s stock can double from its current level.

Conversely, Seaport lowered its price target Fluence Energy Inc (NASDAQ: ) from $32 to $24, citing risks to its margin outlook. The firm points to increased competition, weak service attachments and price cuts as key issues. However, with the updated review maintaining a “Buy” rating, Seaport remains optimistic about Fluence’s long-term prospects.