Jefferies analyst Julien Dumoulin-Smith upgraded First Solar (FSLR) to Buy from Hold with a price target of $192, up from $157. The firm says it is “time to get constructive again” on the shares. Jefferies increased earnings estimates for First Solar on higher average selling prices in 2028 and beyond. The analyst sees upside to the estimates if new market pricing rises to the 32c-33c per watt range for new contracts. First Solar is “positioned to command a premium,” the analyst tells investors in a research note. Jefferies see utility-scale solar as the “most constructive” with the Inflation Reduction Act “still shaking out at the Senate level.” It expects First Solar to benefit from foreign entity of concern restrictions “keeping FEOC exposed suppliers at bay.”
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