moneyheap
FSLR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is First Solar, Inc. (FSLR) stock moving?
First Solar reported Q3 2026 results on Oct 29: net sales fell 23% to $1.23B, diluted EPS rose 25% to $5.30, adjusted EBITDA reached $744M, and backlog stood at 44.0 GW. The company cut its 2026 volume guidance to 16.0-17.0 GW from 17.0-18.2 GW and authorized a $500M buyback. Net cash fell to $1.5B from $2.4B at year-end. After the results, the stock rallied to an intraday high of $214.87 on Nov 4, when it rose 9% on the Democratic congressional sweep and trading volume reached 8.8M. Since then it has declined for four sessions to a close of $180.98 on Nov 10, the lowest close since Oct 30, and it has broken below the $188 level Benzinga cited as support. Volume on Nov 10 was 3.9M, well above the roughly 2M typical in late October. Sell-side reaction has been a wave of price target cuts, including UBS to $295, Piper Sandler to $222, Citi to $283, Barclays to $230 and Deutsche Bank to $266, though most firms kept Buy or Overweight ratings and William Blair upgraded to Outperform. Remaining targets sit about 23-66% above the last close. The Nov 9 antidumping duty orders on solar cells from India, Indonesia and Laos could support domestic manufacturers. Near-term price momentum is negative, while the buyback, backlog and policy tailwinds support the medium and long-term outlook.
News behind the analysis
- UBS Maintains Buy on First Solar, Lowers Price Target to $295UBS keeps its Buy rating on First Solar but cuts its price target from $330 to $295.
- Stock of the Day: Will First Solar Rally From Here?First Solar fell to the $188 level, which Benzinga flags as support where sellers may buy back and spark a reversal.
- Piper Sandler Maintains Overweight on First Solar, Lowers Price Target to $222Piper Sandler keeps its Overweight rating and cuts its price target from $251 to $222.
- U.S. Department Of Commerce And The U.S. ITC Issues Antidumping Duty Orders And Amended Final Determination On Solar Cells From India, Indonesia, And LaosU.S. authorities issued antidumping duty orders on solar cells from India, Indonesia and Laos, which may support domestic manufacturers.
- William Blair Upgrades First Solar to OutperformWilliam Blair upgraded First Solar to Outperform on Nov 5, after the stock's post-election rally.
- First Solar Jumps 9% After Democratic Sweep, but Trump’s Tariffs Already Favor ItFirst Solar rose 9% after Democrats swept Congress, with tariffs already seen as improving its competitive position.
- Roth Capital Partners Maintains 'Buy' Rating on First SolarRoth keeps its Buy rating and $300 target while lowering its revenue and earnings forecasts.
- Citigroup Maintains Buy on First Solar, Lowers Price Target to $283Citigroup keeps its Buy rating and cuts its price target from $297 to $283.
- Barclays Maintains Overweight on First Solar, Lowers Price Target to $230Barclays keeps its Overweight rating and lowers its target to $230, from $259 previously.
About First Solar, Inc.
First Solar is a Phoenix-based company and the largest US maker of solar panels. It builds thin-film cadmium telluride modules for utility-scale solar farms, using a vertically integrated process that doesn't depend on Chinese crystalline-silicon supply chains. It runs factories in Ohio, Alabama, Louisiana and South Carolina, plus plants in India and Malaysia.
How it makes money
Almost all of its revenue comes from selling solar modules, mostly to developers and utilities building large solar projects, usually under multi-year contracts. It has a contracted backlog of about 44 GW, worth roughly $13.5 billion, with deliveries running through 2030. Its 2026 sales guidance is about $4.6–4.9 billion. Profits get a big lift from US Section 45X manufacturing tax credits on panels made in the US, which the company can sell for cash. That helps explain its gross margin of about 58% in Q3 2026.
What usually moves FSLR
- US solar policy and tax credits (IRA, Section 45X)
- Tariffs and trade actions on imported panels, e.g. Section 232
- Utility-scale solar demand and booking/backlog trends
- Module pricing and contract cancellations
- Interest rates affecting project financing