Yesterday, SunPower (NASDAQ:SPWR) got a hefty boost as part of a “meme stock” uplift that coincided with word about tariffs on Chinese solar panels. Today, solar stock First Solar (NASDAQ:FSLR) received its own, albeit smaller, boost, up nearly 2.5% as an investigation began into Asian solar panel production.
Word from the Department of Commerce in the U.S. noted that there was an investigation opening into the notion of Asian solar panels. Specifically, allegations described how four Southeast Asian countries were subsidizing the production of said panels, which allowed them to be sold abroad at a loss.
First Solar, which makes its solar panels wholly in the United States, joined Hanwha Qcells USA in requesting such an investigation take place. Now, that investigation is on, and there’s likely going to be some good news out of the investigation for First Solar, particularly given that it requested said investigation to begin with.
Macro Headwinds Are Losing Their Grip on the Market
A new report from one analyst, JR Research, details that this could just be a brick in a very positive wall for First Solar overall. In fact, JR Research suggested that the “macro headwinds” are losing their grip on the market as “interest rates potentially peaked,” though they’re still higher than they’ve been in years. However, with a cut increasingly likely—the year is nearly half over, and we haven’t seen a cut yet—JR Research’s projections about at least stable rates should hold true.
Is First Solar a Good Stock to Buy Now?
Turning to Wall Street, analysts have a Strong Buy consensus rating on FSLR stock based on 23 Buys and four Holds assigned in the past three months, as indicated by the graphic below. After a 9% loss in its share price over the past year, the average FSLR price target of $234.08 per share implies 21.92% upside potential.
