BMO views appeals court decision on bifacial imports as positive for First Solar

BMO Capital notes that an appeals court on Monday ruled in favor of the Biden Administration regarding its authority to eliminate an exemption for imports of bifacial solar modules. The Biden administration argued that the previous Trump administration acted within its authority under the Trade Act of 1974 when it sought to add bifacial solar modules to tariffs protecting the U.S. solar industry. BMO views this as positive for First Solar. The imports will impact Si crystalline bifacial panels and First Solar is currently in the process of ramping up its lead line for its first production of bifacial thin-film solar modules, the firm says. BMO has an Outperform rating and a price target of $216 on the shares.