First Solar initiated with a Market Perform at William Blair

William Blair initiated coverage of First Solar with a Market Perform rating. First Solar appears the best positioned company in the solar sector, given its ability to ramp up capacity, and its low-cost thin-film solution can compete directly with low-cost Chinese imports, while retaining industry-leading margins, the analyst tells investors in a research note. However, the firm says that with just under 50% share of the U.S. utility-scale solar market, a shift in the sector is likely to have an outsized impact on First Solar. Therefore, if the PJM auction results are the start of a trend, this could have a negative impact on First Solar’s metrics such as backlog, production, and tax credits, comets Blair.