(This is CNBC Pro’s live coverage of Wednesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) Solar and a technology company know for its defense work with the U.S. government were in focus among analyst calls on Wednesday. RBC initiated First Solar with an outperform rating and a price target that signals a nearly 30% gain. On a more sour note, HSBC downgraded Palantir to hold, citing valuation concerns. Check out the latest calls and chatter below. All times ET. 5:41 a.m.: HSBC says Palantir is trading at a high premium versus peers, downgrades stock to hold While HSBC is maintaining its long-term optimism on Palantir Technologies , the bank thinks the tech stock may have gotten ahead of itself. HSBC downgraded the software stock to hold but maintained its $22 per share price target. The firm’s outlook implies more than 8% downside from Wednesday’s close. Shares have soared nearly 40% this year. PLTR YTD mountain PLTR year to date “Palantir shares are trading at non-GAAP PE of 76.4x for 2024e (sector median at 35.4x),” analyst Stephen Bersey said. “The premium vs. the sector is even higher on GAAP-based metrics due to Palantir’s high share-based compensation.” Bersey added that Palantir remains “well positioned to benefit from the strong demand for its artificial intelligence products” in both the commercial and government segments of the market. — Brian Evans 5:41 a.m.: RBC says buy First Solar shares First Solar could be in for big gains going forward after a slow start to the year, according to RBC Capital Markets. Analyst Christopher Dendrinos initiated coverage with an outperform rating and a price target of $195 per share, implying upside of 28% from Tuesday’s close. “First Solar is ahead of the curve and has established a robust domestic supply chain,” the analyst said. “As a domestic producer, First Solar is able to reduce the high cost of freight shipping and avoid solar tariffs and import risk. We believe the continued uncertainty in future trade policy and lack of visibility regarding domestic manufacturing remain a competitive advantage.” First Solar shares have lagged in 2024, losing 11.6% amid concern that Federal Reserve rate cuts may not arrive until later than anticipated. Still, Dendrinos thinks First Solar has “established a dominant position in the utility scale solar market in the U.S. We believe there is an opportunity to continue to grow the domestic market share and expand internationally.” The analyst also initiated Enphase Energy and Shoals Technologies with outperform ratings. — Fred Imbert
Wednesday’s analyst calls: Big gains ahead for solar stock, Palantir gets downgraded
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