Goldman Sachs says it’s time for investors to buy shares in First Solar, as the company benefits from the latest climate bill in Washington. Analyst Brian Lee has doubled shares of solar stock to buy from sell, saying in a note to clients Wednesday that he believes the company is a short-term beneficiary of the the bill’s solar panel manufacturing credit. “In terms of demand, we see FSLR as one of the best-suited tools for US needs in solar panel supplier coverage as the US accounts for about 80 % of the company’s revenue. The climate bill – formally known as the Inflation Reduction Act – offers consumer rebates and tax credits on climate-focused products like electric vehicles and solar panel installations and to encourage the production of clean energy products at home. After passing the bill, First Solar last month said it would invest up to $1 billion to build a new solar panel manufacturing facility in the US. And the markets have liked the field. Since the bill’s passage, shares of solar companies within Goldman’s coverage have gone from 30% to 40%, and First Solar is no exception. “While we note that our upgrade isn’t premature (e.g., stock is up 64% since the IRA was announced), we believe it’s still modest for what has already been done.” quickly becoming the domestic solar production champion across our coverage,” Lee said. He also expects further increases in 2023 and 2024 as more individuals revise future estimates. Shares of First Solar are up nearly 55% this year but could rise about 28% more from Wednesday’s close, based on the bank’s new $172 price target. Along with First Solar, Lee upgraded Maxeon Solar Technologies to buy and downgraded shares of Shoals Technologies Group and Canadian Solar. – Michael Bloom of CNBC contributed reporting