Janney starts First Solar at Buy with $236 fair value estimate

As previously reported, Janney Montgomery Scott initiated coverage of First Solar with a Buy rating and $236 fair value estimate. First Solar’s utility-scale panel business is oversold through 2026 with a greater than $23B backlog, providing a “unique level of long-duration certainty” and insulating it from ongoing challenges regarding project pushouts impacting the domestic utility-scale landscape in 2024-2025, the analyst tells investors. In addition, the firm views First Solar as a beneficiary of a potential “tougher on China” trade policy, the analyst added.