First Solar, IncNasdaq: FSLR
Information Technology · Semiconductors
$257.67
+1.13%
Vol: 1.7M
Research Digest
Friday, June 19, 2026
Bernstein initiates First Solar at Underperform with $217 target, citing 75% gross margin dependence on potentially vulnerable tax credits.
On June 16, 2026, Bernstein initiated coverage of First Solar (FSLR) with an Underperform rating and a $217 price target, well below the current trading price of ~$258. Bernstein's core concern is that approximately 75% of First Solar's gross margin derives from U.S. manufacturing tax credits that may be vulnerable to policy change, making the bull case contingent on policy the market is pricing as permanent. Separately, Mizuho raised its price target to $300 from $243 on June 15, reflecting the divide in analyst opinion. The ITC Section 337 investigation (337-TA-1494) into imported TOPCon solar products remains an active overhang. The stock shed ~8% on June 5 as investors weighed policy/tariff assumptions, and has been among the most-searched tickers, reflecting elevated uncertainty around the energy policy environment.
Previous Market Intelligence
13 daysJun 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 17First Solar surged ~8.3% after UBS raised its target to $330 (Buy), with Mizuho lifting its target to $300 on June 15 ahead of end-June tariff decisions.Positive▶
First Solar shares jumped about 8.3% after UBS lifted its price target to $330 from $290 while maintaining a Buy rating; separately, Mizuho raised its target to $300 from $243 on June 15, 2026. The moves come ahead of expected tariff-level announcements as early as end-June 2026, with potential order announcements following at Q2 results in late July. The stock has rallied ~15% over the past month and ~34% over three months. Sentiment is supported by U.S. manufacturing tax-credit economics, but the company faces an active ITC Section 337 TOPCon investigation (337-TA-1494) and policy/tariff uncertainty embedded in 2026 guidance. The key risk is how much near-term earnings power depends on tax credits and tariff outcomes.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21First Solar inks India partnership with GameChange Solar; CEO Mark Widmar sold $2.6M of stock in mid-MayMixed▶
On May 19 GameChange Solar and First Solar announced a partnership to deploy First Solar domestically manufactured thin-film modules with GameChange tracker systems for utility-scale Indian solar projects, helping developers comply with India domestic sourcing requirements. Shares surged ~6.7% on the news. However, CEO Mark Widmar sold 11,226 shares across May 11 and May 13 for about $2.63M total, raising governance questions. Shareholders re-elected the 10-member board at the May 13 annual meeting. Q1 2026 EPS of $3.22 beat the $3.08-$2.87 consensus range and 2026 guidance of $4.9-5.2B in net sales was reaffirmed. Risk: CEO selling alongside positive partnership news creates mixed signals; module pricing pressure remains an industry concern.
May 20First Solar partners with GameChange Solar on India thin-film deployment as CEO Widmar sells $2.6M in sharesPositive▶
First Solar announced a partnership with GameChange Solar on May 19, 2026 to deploy domestically manufactured thin-film solar modules for utility-scale projects in India, pairing FSLRs modules with GameChanges tracker systems. The partnership headline was offset by macro pressure from rising Treasury yields on rate-sensitive renewables. CEO Mark Widmar sold a total of 11,226 shares on May 11 and 13 for approximately $2.63 million. Shareholders re-elected the entire 10-member board at the May 13 AGM and ratified PwC as auditor. Q1 2026 delivered record revenue of $1B (+24% YoY), gross margin of 47%, and EPS of $3.22. Freedom Broker upgraded to Buy on May 5 with a $260 price target. Stock trades near $234.13 with 17 analysts averaging a $243 median target.
May 19No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 18First Solar CEO Mark Widmar sold 11,226 shares (~$2.63M) on May 11 and May 13; shareholders reaffirmed board at May 13 annual meeting.Positive▶
On May 11 and May 13, 2026, First Solar CEO Mark Widmar sold a total of 11,226 shares for approximately $2.63 million at average prices of $230.18-$240.02. On May 13, shareholders re-elected the full ten-member board, ratified PwC as auditor, backed executive pay, and rejected expanded rights to call special shareholder meetings. The stock closed near $233.37, up 6.1% over 7 days and 19.6% over 30 days. Q1 2026 results showed record revenue of $1.04B (+24% YoY) with EPS of $3.22, gross margin expansion of ~6 points to 47%, and net income up 65% YoY. Freedom Broker upgraded FSLR to Buy with a $260 PT on May 5, and Argus raised its target to $275 citing domestic manufacturing advantages.
May 15First Solar CEO Widmar sells $2.6M of stock May 11-13 around $228 amid 2026 annual meeting; Freedom Broker upgrades to Buy with $260 PTMixed▶
First Solar CEO Mark Widmar sold a combined 11,226 shares May 11-13 for ~$2.63M at prices ranging $230.18-$240.02. CMO Kuntal Verma also sold 3,671 shares for $849,560 on May 11. The company held its 2026 virtual annual meeting on May 13, electing ten directors, ratifying PwC and approving the say-on-pay vote; a stockholder proposal to ease the threshold for calling special meetings was also considered. The stock rose 3.7% on May 12 to $228.06 (+12.1% over one month). Q1 2026 results showed sales of $1.04B and EPS of $3.22 (vs. $3.08), with full-year guidance reaffirmed and potential tariff tailwinds. Freedom Broker upgraded FSLR to Buy with a $260 PT. P/E sits at 13.8x vs. peer 90.8x.
May 14First Solar shares jumped 6.1% to $233.27 on May 11 on Q1 strength; CEO Mark Widmar sold ~$2.6M in stock May 11-13 under 10b5-1 planPositive▶
First Solar shares climbed 6.1% to $233.27 on May 11 and another 3.7% to $228.06 on May 12, recovering 10.3% on the week. Q1 2026 net sales were $1.04B (up 24% YoY) and net income surged 65% to $347M, with gross margin at 47% on 96% US capacity utilization plus IRA tax benefits. CEO Mark Widmar sold 11,226 shares (~$2.6M) across May 11 and May 13 under a Rule 10b5-1 plan adopted Nov 2025. The company held its 2026 virtual annual meeting on May 13, electing ten directors and ratifying PwC.
May 13First Solar shares rose 3.7% on May 12 to $228.06, continuing post-Q1 momentum after record Q1 sales of $1.04B and 47% gross margin.Positive▶
First Solar reported record Q1 2026 revenue of $1.04 billion with EPS of $3.22 and gross margin expanding to 47%, driven by record sales in India and near-full utilization of U.S. manufacturing. On May 5, Freedom Broker upgraded to Buy with a $260 PT. Jefferies raised its PT to $199 (Hold) on expected Q2 margin pressure. VP Nathan Theurer sold 31 shares at $218.16 on May 6. Shares are up ~12% over the past month.
May 12First Solar shares surged 6.1% to $233.27 on May 11 amid a strong rebound, with stockholders set to vote at the virtual annual meeting on May 13.Positive▶
First Solar shares rose 6.1% on May 11, up 10.3% over the past week and 14.7% over the past month, supported by a Q1 EPS beat of $3.22 vs. $3.08 estimate and 24% revenue growth to $1.04B. The 2026 virtual annual shareholder meeting is scheduled for May 13 with director elections, auditor ratification, and a shareholder proposal on special meetings. CEO Mark Widmar sold 1,526 shares for $329,051 on May 4 and several other officers made small insider sales. Valuation remains attractive with a P/E of 14.18 and the stock flagged as undervalued. Sentiment is positive on a constructive industrial outlook.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| FSLRFIRST | $257.67 | +1.13% | — | 9.6x | 1.73 | $24.1B |
| NVDANVIDIA | $210.83 | +3.02% | — | 15.3x | 2.21 | $4.72T |
| AVGOBROADCOM | $411.77 | +4.80% | — | 18.6x | 1.46 | $1.71T |
| MUMICRON | $1,134.07 | +8.71% | — | 6.5x | 2.14 | $1.10T |
| AMDADVANCED | $539.08 | +5.19% | — | 39.3x | 2.47 | $844.4B |
| INTCINTEL | $134.19 | +10.81% | — | 77.1x | 2.19 | $604.9B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price above both MAs — bullish structure.