First Solar price target lowered to $202 from $232 at BofA

BofA analyst Julien Dumoulin-Smith lowered the firm’s price target on First Solar to $202 from $232 and keeps a Neutral rating on the shares, citing a multiple mark-to-market for its lower target. The firm sees a weaker Q2, but “a good setup” into its September analyst day with meaningful ability to drive cash deployment, adding that it thinks First Solar’s status as “one of the only large, liquid US solar names with line of sight to ~70% EPS CAGR ’23-’26” balances solar pricing trending lower and “collapsing” China polysilicon prices that may weigh on U.S. module pricing.”