Maxeon Solar raised to Buy at Bank of America with turnaround in sight

Maxeon Solar Technologies (MAXN +1.7%) is on the move after Bank of America upgrades shares to Buy from Neutral with a $23 price target, saying the company is set for a turnaround by next year's Q4 en route to a strong 2023.
Maxeon could qualify for tax credits of $0.11/watt via Build Back Better legislation with its proposed U.S. cell and module manufacturing facility, but beyond BBB, BofA's Julien Dumoulin-Smith says the company "still has an underlying core of the business that is slated for a turnaround by year-end 2022 when its out-of-market polysilicon contracts ends."
The company is "well positioned to benefit from the trade and policy dynamics associated with forced labor concerns surrounding the industry supply chain," Dumoulin-Smith writes.
Maxeon is "one of the few solar manufacturers that has truly differentiated products," WideAlpha writes in a bullish analysis published earlier on Seeking Alpha.