Macquarie analyst Gurpreet Gujral downgraded First Solar to Neutral citing a lack of catalysts after the company canceled the Series 5 product that was originally scheduled to launch in 2017. Pulling forward the launch of its Series 6 product to mid-2018 from 2019 is positive for investors in the long term, but First Solar shares lack a catalyst over the nearer term, Gujral tells investors in a research note. The analyst cut his price target for the shares to $32.75 from $57.33. First Solar closed yesterday up 28c to $29.66.

Wells Fargo notes that a group of seven domestic solar product makers, including First Solar (FSLR), filed a petition to levy anti-dumping and countervailing duties on solar imports from Cambodia, Malaysia, Thailand and Vietnam, looking for duties ranging from 70.4% to 271.5%. The firm, which included the "important reminder" that "this is just a petition," says the uncertainty created by the petition is "incrementally positive" for First Solar and negative for Canadian Solar (CSIQ), Array Technologies (ARRY) and Nextracker (NXT).

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.