First Solar

FSLR · NASDAQ

$174.43+$2.63 (+1.53%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $171.80

FSLR analyst rating

BuyConsensus of 30 analysts over the last 12 months. 77% rate it a buy.

Strong buy0
Buy23
Hold5
Underperform2
Sell0

12-month price target · 41 analysts

Average $276.55 (+58.5% upside)

Low: $186.85
Now: $174.43
High: $422.10

Upgrades and downgrades

The latest rating actions, newest first

FSLR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 19, 2026	Maintains	Overweight	$256.00 → $252.00	48%
Barclays	Oct 15, 2026	Maintains	Overweight	$279.00 → $259.00	46%
Morgan Stanley	Oct 14, 2026	Maintains	Overweight	$323.00 → $326.00	67%
Truist Securities	Oct 12, 2026	Upgrade	Hold → Buy	$229.00 → $270.00	23%
Goldman Sachs	Oct 8, 2026	Maintains	Buy	$310.00 → $272.00	46%
Piper Sandler	Sep 30, 2026	Maintains	Overweight	$260.00 → $251.00	38%
Keybanc	Sep 28, 2026	Upgrade	Underweight → Sector Weight	—	53%
GLJ Research	Sep 22, 2026	Maintains	Buy	$315.00 → $250.00	64%
Piper Sandler	Sep 9, 2026	Initiates	Overweight	$260.00	38%
BMO Capital	Aug 27, 2026	Upgrade	Market Perform → Outperform	$237.00 → $263.00	57%

The case for and against

Updated Oct 16, 2026

Bull case

First Solar is favored because its vertically integrated, primarily U.S.-based manufacturing platform and cadmium telluride technology reduce exposure to Chinese crystalline-silicon supply chains while supporting delivery certainty under Section 232 and domestic-content rules. It also has strong fundamentals, with approximately 96% of FY2025 net sales from the United States, backlog of 45.1 GW valued at $13.6 billion as of June 30, 2026, and management expected to benefit from ongoing cost-out, tariff structure improvement, and India’s growth as a second market. Despite recent share weakness, the company’s margin profile remains compelling—roughly 23% EBITDA margins ex-45X—and the market appears to underappreciate its pricing power, policy resilience, and longer-duration earnings visibility.

Bear case

First Solar is facing deteriorating fundamentals as U.S. inventory sits near 2 years of demand, downstream project starts are slowing, and the company may be forced into flat to declining pricing while domestic cell capacity ramps and compresses its scarcity premium. The business remains heavily policy-dependent, with reported gross margin near 45% but only about 7% ex-45X today, so any soft Section 232 outcome, 45X phase-down, or weaker tariff implementation would expose the lower-margin underlying economics more quickly. Even with strong U.S. backlog—45.1GW of contracted volume worth $13.6B at a $0.30/W backlog price—high customer concentration, rising competition, and efficiency- and technology-related execution risk argue for a more cautious outlook.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.