Shares of First Solar (NASDAQ: FSLR) jumped 9.7% on Monday, following bullish commentary from two Wall Street investment teams.

Bank of America analyst Julien Dumoulin-Smith reiterated his buy rating on First Solar's stock. He now sees the solar panel manufacturer's share price rising roughly 13% to $165, up from his prior forecast of $138.

First Solar's third-quarter financial report showed that it's well positioned to benefit from the industry's favorable supply and demand dynamics, according to Dumoulin-Smith. In turn, he expects First Solar -- and its stock -- to perform well in 2023.

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Source Fool.com