Investing.com investing.com 09 Jan, 2021 16:15 am

What Biden and a Blue Wave Mean for First Solar By Investing.com

What Biden and a Blue Wave Mean for First Solar By Investing.com
What Biden and a Blue Wave Mean for First Solar

The Bull Case Tempe, Arizona-based First Solar makes solar panels and modules, putting it in position to benefit from Biden’s ambitious clean energy plans.That makes solar less costly than fossil fuels, and the cost should continue to fall.com -- With a solidly blue Congress, President-elect Joe Biden’s $2 trillion clean energy plan has a greater chance of succeeding, and that’s welcome news to solar companies.Another benefit to First Solar is the renewal of a tax credit for investing in clean energy, which could encourage more sales.

It’s this expected drop in earnings which prompted influential investment bank Goldman Sachs (NYSE: GS ) to downgrade its stance of First Solar stock to ‘sell’ from ‘buy’ earlier this week.“We suspect Joe Biden will initially seek to push ahead with infrastructure plans, which are more likely to get cross party support,” said ING analyst James Knightley, in a research note, earlier this week.

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