10 Firms Crushing the Market

3. First Solar, Inc. (NASDAQ:FSLR)

First Solar, Inc. (NASDAQ:FSLR) extended its rally for a fifth consecutive day on Tuesday, jumping 22.66 percent to close at $191.60 apiece as investors cheered a new proposal at the Congress which aims to “only trim, but preserve” key tax credits for solar and wind resources.

The House of Representatives’ Ways and Means Committee kept the Production Tax Credit and Investment Tax Credit untouched until 2028, before a gradual phase-down to 2032. According to JP Morgan, the move aligns with or exceeds the more bullish end of investor expectations.

The news provided a boost to solar companies, which have been grappling with uncertainties since the start of the new administration amid President Donald Trump’s lukewarm stance on renewable energy resources, saying that the US needs to prioritize energy supply over zero carbon commitments.

Following the news, Wolfe Research gave First Solar, Inc. (NASDAQ:FSLR) an “outperform” rating and a price target of $221, or a 15-percent upside from its latest closing price.