What's Behind the Recent Surge in First Solar Stock (FSLR)?
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The latest surge builds on momentum from earlier this month, when First Solar reported its Q2 results, beating expectations. Year-to-date, FSLR stock has gained 25%.
Here's What Happened
The U.S. Treasury Department and IRS issued new rules on clean energy tax credits that turned out to be more favorable than investors expected. The updated guidance explains how solar and wind projects can qualify for federal tax credits. Meanwhile, the new rule is especially favorable for large utility-scale projects, a key market for First Solar. For these projects, the rules now apply a 'physical work test' to determine when construction begins, replacing older and stricter requirements.
Overall, wind and solar developers have traditionally depended on federal tax credits to offset the high upfront costs of clean energy projects.
UBS Stays Bullish on FSLR
After the favorable guidance, UBS named First Solar a top pick, pointing to lower policy risks and strong earnings growth potential. Windham noted that demand for U.S. utility-scale solar projects is outstripping supply, driven partly by the rise of AI data centers aiming for 100% clean energy. He added that this trend could boost volume growth and strengthen demand certainty for the U.S. solar industry. At the same time, domestic hardware suppliers stand to benefit from tax credit support and tariff protections.
As a result, Windham projects First Solar's adjusted earnings to rise to $32 per share by 2027, up from $12 last year. They also see room for upward earnings revisions in 2026 and beyond, supported by accretive capital deployment.
Additionally, UBS highlighted Nextracker (NXT) and Sunrun (RUN) as preferred picks in the current market environment.
Is FSLR a Good Stock to Buy Now?
Turning to Wall Street, FSLR stock has a Strong Buy consensus rating based on 15 Buys, one Hold, and one Sell assigned in the last three months. Also, the average First Solar stock price target of $217.85 implies a 0.67% downside from current levels.
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