TPI's stock price spun 3.9% higher to $18.19 after Raymond James boosted its outlook on the clean energy company's stock to strong buy from outperform.
Raymond James also boosted its target price to $32, an 83% premium over Monday's close at $17.50.
Analysts at the brokerage firm say a recent sharp decline in TPI's stock price has created a buying opportunity, especially given that shares of other cleantech companies are up double digits this year.
TPI took a hit when it reported second-quarter earnings on Aug. 8.
The company handily beat earnings estimates, reporting a profit of 13 cents a share compared with an expected loss of 28 cents. TPI also forecast sales of $1.45 billion to $1.5 billion for 2019, a bit higher than the $1.46 billion projected by analysts.
But investors drove down TPI's stock price more than 20% that day, apparently taking their cue from the company's relatively modest downgrade of its 2020 forecast.
Citing a "faster pace of transitions, TPI lowered its sales guidance to $1.6 billion to $1.8 billion, down from its previous estimate of $1.7 billion to $1.9 billion.
"We delivered solid operational and financial performance in the second quarter through our continued focus on execution, operating efficiency and commitment to our customer and supplier relationships," said Steve Lockard, CEO of TPI Composites, in a statement on the earnings.