Amit Dayal Reiterates Buy on TOYO, Citing U.S. Manufacturing Expansion, 45X Tax Credit Upside, and Maintains $18 Price Target

H.C. Wainwright analyst Amit Dayal has reiterated their bullish stance on TOYO stock, giving a Buy rating today.

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Amit Dayal has given his Buy rating due to a combination of factors, including TOYO’s accelerated build-out of U.S.-based manufacturing and its strengthened balance sheet. The company is expanding its Houston operations with a new 1.5GW heterojunction solar cell facility alongside its planned 2GW module capacity, which should enhance compliance with FEOC standards and deepen its positioning in the domestic solar supply chain.

Dayal also highlights that this U.S. cell plant unlocks substantial potential benefits from Section 45X production tax credits, which could deliver meaningful, high-margin incremental value once the facility is fully ramped. Management’s reaffirmed 2026 guidance for robust cell and module shipments and $90–100M in adjusted net income—excluding any 45X upside—combined with fresh $50M financing, a planned U.S. R&D center, and Russell 3000 inclusion, supports his view that TOYO shares remain attractively positioned with an unchanged $18 price target.

In another report released today, Roth MKM also maintained a Buy rating on the stock with a $15.00 price target.