AntiCirc ‘surprise’ would be positive for First Solar, says Roth MKM

Roth MKM analyst Philip Shen tells investors in a research note that on December 29, Auxin filed a complaint to remove President Joe Biden’s two-year holiday on AntiCirc AD/CVD tariff collections, and the firm’s checks suggest Auxin has a strong case and a non-trivial probability of prevailing. Additionally, Roth’s work suggests a substantial volume of already imported, unliquidated modules could be at risk for retroactive tariffs on ~$10B worth of product, which could represent a substantial sum of potentially $3B of uncollected tariff. Roth says this is a meaningful positive for First Solar (FSLR), while JinkoSolar (JKS) can sidestep this risk, and Canadian Solar (CSIQ) may be impacted by unliquidated module imports.