Analyst Jeff Osborne from TD Cowen maintained a Buy rating on First Solar (FSLR – Research Report) and decreased the price target to $200.00 from $275.00.
Jeff Osborne has given his Buy rating due to a combination of factors that highlight both challenges and opportunities for First Solar. Despite the lowered 2025 guidance resulting from tariff risks associated with Malaysian and Vietnam production, Osborne sees stability in the average selling price (ASP) of the backlog as a positive indicator. Additionally, the resolution of warranty issues and the political and trade environment are considered long-term advantages for the company, particularly as it progresses towards achieving a 14GW vertically integrated domestic operating capacity by 2026.
However, Osborne acknowledges the challenges posed by the uncertainty of the Inflation Reduction Act (IRA) policy, which affects management’s ability to make near-term adjustments. The potential idling of production in Malaysia and Vietnam due to tariff impacts further complicates the situation. Despite these hurdles, Osborne maintains a positive outlook on First Solar’s strategic positioning and long-term growth potential, which supports his Buy rating.
In another report released today, Roth MKM also maintained a Buy rating on the stock with a $200.00 price target.