Bernstein believes that high demand for solar modules form the U.S. ,India and China in 2016, along with falling solar costs and gross margins in the 20% range, help make solar module makers attractive. The firm adds that only about eight companies are likely to produce new supply going forward, while risks from competing technologies have faded or are years away from materializing. According to Bernstein, investors may be underestimating the opportunity of Chinese solar companies. It believes that JA Solar (JASO), Canadian Solar (CSIQ), First Solar (FSLR), and SunPower (SPWR) look attractive at current levels.

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Latest data shows the largest indicative borrow rate increases among liquid option names include: Luminar Technologies (LAZR) 13.08% +3.40, Lithium Americas (LAC) 39.35% +2.00, Rumble (RUM) 33.08% +1.07, Cutera (CUTR) 65.23% +0.93, Gorilla Technology Group Inc (GRRR) 49.06% +0.53, Aquestive Therapeutics (AQST) 0.99% +0.44, Medical Properties Trust (MPW) 16.94% +0.20, Nikola (NKLA) 22.04% +0.17, SunPower (SPWR) 3.29% +0.16, and GameStop (GME) 1.74% +0.16.

Wells Fargo upgraded First Solar to Overweight from Equal Weight with a price target of $250, up from $187. The firm says that as the solar sector continues to struggle due to several headwinds, it is getting more defensive with its ratings. Wells upgrade First Solar due to its relative stability and several potential catalysts. The firm downgraded Sunnova Energy (NOVA) as interest rates may stay higher for longer. First Solar is sold out through 2026, which provides near-term earnings stability, the analyst tells investors in a research note. The firm also sees a number of potential catalysts on the horizon from the lifting of bifacial exemptions, further trade barriers on Chinese panels, restricting Inflation Reduction Act credits and a potential Trump presidency.

After Reuters reported that a request to remove the bifacial panel exemption in the Section 201 tariff is expected to be granted by the Biden Administration, RBC Capital said that, if granted, the removal of the bifacial panel exemption would be a positive development for First Solar and solar OEMs with domestic manufacturing. The firm, which believes the removal of the exemption would be supportive of demand for domestic manufactured products and supportive of pricing, has an Outperform rating and $195 price target on First Solar shares.