First Solar price target lowered to $205 from $230 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Solar (FSLR) to $205 from $230 and keeps an Overweight rating on the shares. The firm notes that earnings focus will likely surround tariff implications. 10% tariffs appear manageable, while reciprocal tariffs on Vietnam/Malaysia would leave First Solar with a multi-year problem. In Piper’s view, the risk of reciprocals, broader transition away from globalization, and asset under-utilization raise questions surrounding the long-term strategic role of the Vietnamese/Malaysian assets within the portfolio.