Baird said they would be aggressive buyers of First Solar at current levels following its Q2 results. The firm noted estimates were beat across the board and cited its book to bill ratio, efficiency gains, global pipeline and capitalization for strategic global growth. Baird reiterated its Outperform rating and raised its price target to $69 from $66 on First Solar shares.

As previously reported, Evercore ISI analyst Sean Morgan upgraded First Solar to Outperform from In Line with an unchanged price target of $227. The market is expecting the Biden administration to remove a trade exemption for bifacial solar modules imported to the U.S., which now represent about 98% of U.S. solar imports, the analyst noted. Solar panel imports skyrocketed in 2023 to 54GW and some market participants have stated that reliance on imports and oversupply are negatively impacting solar domestic factories, which have been a priority for the current U.S. administration, putting pressure on greater U.S. trade protections and policy support, the analyst added.

Evercore ISI analyst Sean Morgan upgraded First Solar to Outperform from In Line with a $227 price target.

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