Toyo initiated with a Buy at Roth Capital

Roth Capital initiated coverage of Toyo (TOYO) with a Buy rating and $15 price target As a non-Chinese solar manufacturer offering scale and technology, Toyo provides a potentially viable alternative for U.S. customers, the analyst tells investors in a research note. Roth says its “non-legal assessment” suggests Toyo is currently not a Foreign Entity of Concern. The company is positioned to “help bridge the insufficient supply” of non-FEOC, cost-effective cells for the U.S. market, it contends.