First Solar price target lowered to $200 from $205 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Solar (FSLR) to $200 from $205 and keeps an Overweight rating on the shares. The firm says it previously indicated that 10% tariffs for First Solar were manageable, while reciprocal tariffs were challenging. Given materially different outcomes, updated guidance incorporates a 10%-tariff scenario and a reciprocal scenario. Some key differences vs. its $18.17/sh assumption are that Piper didn’t expect First Solar to preemptively idle Vietnamese/Malaysian capacity to mitigate reciprocal risk and expected more tariff sharing with customers.