JPMorgan analyst Paul Coster says First Solar's gross margin guidance fell "slightly below" consensus expectations, even after adjusting for the accounting treatment of a sale to the 8point3 YieldCo. He believes the outlook could weigh on investor sentiment. Coster lowered his price target for shares to $62 from $64 and keeps an Overweight rating on the name.

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Wells Fargo upgraded First Solar to Overweight from Equal Weight with a price target of $250, up from $187. The firm says that as the solar sector continues to struggle due to several headwinds, it is getting more defensive with its ratings. Wells upgrade First Solar due to its relative stability and several potential catalysts. The firm downgraded Sunnova Energy (NOVA) as interest rates may stay higher for longer. First Solar is sold out through 2026, which provides near-term earnings stability, the analyst tells investors in a research note. The firm also sees a number of potential catalysts on the horizon from the lifting of bifacial exemptions, further trade barriers on Chinese panels, restricting Inflation Reduction Act credits and a potential Trump presidency.

After Reuters reported that a request to remove the bifacial panel exemption in the Section 201 tariff is expected to be granted by the Biden Administration, RBC Capital said that, if granted, the removal of the bifacial panel exemption would be a positive development for First Solar and solar OEMs with domestic manufacturing. The firm, which believes the removal of the exemption would be supportive of demand for domestic manufactured products and supportive of pricing, has an Outperform rating and $195 price target on First Solar shares.