Overview
- In early July Wells Fargo raised its price target on First Solar to $320 and Deutsche Bank upgraded to Buy with a $272 target, moves that triggered an intraday rally across U.S. solar names.
- The Wells Fargo note cited “asymmetric upside” tied to the Section 232 polysilicon review while Deutsche Bank pointed to First Solar’s $2.1 billion net cash as evidence of company strength.
- Despite the analyst activity First Solar shares fell again and remain more than 12% lower year to date and well below a roughly $321 52‑week high.
- First Solar reported Q1 2026 results that beat estimates, reaffirmed full‑year sales guidance, and highlighted a 47.9 GW contracted backlog and CdTe thin‑film manufacturing that reduces reliance on imported crystalline silicon.
- The Section 232 decision, expected by early August, is the near‑term binary catalyst that could prompt onshoring moves, change U.S. module pricing, and alter earnings forecasts for First Solar and its peers.