Bank of America sees more upside in store for this under-the-radar beneficiary of reshoring trends and the latest government climate bill.
Bank of America sees more upside in store for this little-known beneficiary of reshoring trends and the Inflation Reduction Act. Analyst Ruplu Bhattacharya upped the bank's price target on shares of Flex Ltd. to $31 from $28, citing its 15-year partnership to make microinverters for Enphase Energy . The analyst also highlighted the company's long-term business mix and improving margins as contributing factors to the price hike.
mountain Shares in 2023 "FLEX should continue to benefit from the Inflation Reduction Act which can help spur demand for clean energy and reshoring manufacturing back to the US. Inverters are included in FLEX's core renewables business which is part of its industrial segment," he wrote in a Friday note to clients. The price hike reflects nearly 13% upside from Friday's close. Shares have added more than 28% since the start of the year.
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