GLJ Research upgrades First Solar to Buy on assumption 45x credits remain intact

As previously reported, GLJ Research analyst Gordon Johnson upgraded First Solar (FSLR) to Buy from Hold with a $172.37 price target The stock came under pressure yesterday following reduced 2025 guidance provided earlier this week, which was worse than expected, notes the analyst. However, the firm’s view is that First Solar has taken its trade war-driven “guidance revision medicine” and that the 45x production-tax-credits will remain “largely intact,” the analyst tells investors. Given that view, the firm sees the risk/reward as favorable at the current price and upgrades the shares as it expects First Solar to “materially outperform its peers.”