Wells Fargo says First Solar to benefit, Canadian Solar at risk from AD/CVD duty

Wells Fargo notes that following the U.S. trade court ruling that with AD/CVD – antidumping duty and countervailing duty – from the Biden moratorium now potentially coming due, Canadian Solar (CSIQ) is most at risk, while First Solar (FSLR) could be a beneficiary. Canadian Solar “faces significant uncertainty” as the potential liability could exceed its market cap and cash on hand, the analyst tells investors in a research note. Wells Fargo further notes that as developers reconsider panel choices due to retroactive tariffs, they may pivot to non-impacted imports or First Solar modules, adding that the company often gains share during policy uncertainty.