First Solar downgraded to Underweight from Sector Weight at KeyBanc

KeyBanc downgraded First Solar (FSLR) to Underweight from Sector Weight with a $100 price target The company reported Q1 results below estimates and lowered fiscal 2025 guidance and revised bookings downward to reflect the impacts of global tariffs implemented earlier this month, the analyst tells investors in a research note. The firm says that while First Solar has sizable domestic manufacturing capacity that is used to serve the U.S. market, the impact of volumes imported from its facilities in Vietnam, Malaysia, and India appears to be greater than initially thought, and not likely to be mitigated in the near-term under the 10% global tariff regime or higher “reciprocal” tariffs. The uncertainty “is pancaked on top of broader anxiety over the fate of various” Inflation Reduction Act provisions, and will put pressure on the stock’s valuation, contends KeyBanc.