Shares of First Solar (NASDAQ: FSLR) beat the market by a wide margin in September, with shares gaining 3.7%, according to data provided by S&P Global Market Intelligence. While such gains wouldn't normally be reason to celebrate, they came as the S&P 500 and Nasdaq Composite languished deep in the red, sinking 9.6% and 10.3%, respectively.

The solar-panel maker got a boost from growing analyst enthusiasm regarding the potential benefits from the Inflation Reduction Act (IRA) of 2022, which could help line the company's coffers.

In mid-August, President Joe Biden signed the IRA into law, and optimism has been building among analysts regarding the potential for climate measures in the sweeping legislation to boost First Solar. Goldman Sachs analyst Brian Lee issued a rare double upgrade on First Solar to buy from sell, nearly tripling the company's price target to $172, up from $60. That represents potential gains for investors of 30% from the stock's closing price on Thursday. The analyst views the company as the best positioned and most immediate beneficiary of the manufacturing credits and increased demand resulting from the IRA. 

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Source Fool.com