First Solar Uniquely Positioned To Benefit From U.S. Solar Manufacturing Credits; Lift FVE to $135

U.S. manufacturing incentives that recently passed as part of the Inflation Reduction Act of 2022 are set to unleash a dramatic buildout of domestic solar manufacturing. After further analyzing the impact of the act, we view First Solar as uniquely positioned given its differentiated technology, existing U.S. manufacturing presence, and multi-year forward contracts. We view shares as fairly valued relative to our revised $135 fair value estimate following a 47% jump year to date.