JMP Securities analyst Joseph Osha upgraded First Solar to Outperform from Market Perform with a $70 price target. The analyst believes that the market is not valuing the company's competitive U.S. position appropriately. Osha further notes that First Solar's manufacturing transition plan is proceeding while its backlog coverage has now extended "well into 2021", adding that the 22% pullback in its stock price over the past month is offering investors an attractive entry opportunity.

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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