First Solar Stock: Analyst Estimates & Ratings

First Solar, Inc. (FSLR), headquartered in Phoenix, Arizona, is a solar technology company that provides photovoltaic (PV) solar energy solutions. Valued at $26.9 billion by market cap, the company manufactures and sells PV solar modules with thin film semiconductor technology that provides conventional crystalline silicon PV solar modules.

Shares of this renewable giant have outperformed the broader market over the past year. FSLR has gained 34.7% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 22.4%. However, in 2026, FSLR stock is down 4.3%, compared to the SPX’s 13.3% rise on a YTD basis. 

Narrowing the focus, FSLR’s underperformance is apparent compared to Invesco Solar ETF (TAN). The exchange-traded fund has gained about 44.6% over the past year. Moreover, the ETF’s 7.4% gains on a YTD basis outshine FSLR’s losses over the same time frame.

FSLR’s outperformance stems from its unique insulation from global solar market headwinds, driven by substantial U.S. manufacturing tax credits under the Inflation Reduction Act and strong trade protection policies. Unlike silicon-dependent competitors vulnerable to global oversupply and import tariffs, First Solar’s proprietary cadmium telluride thin-film technology has allowed it to capture domestic pricing power and expand gross margins. This structural advantage is further supported by a massive multi-year contracted backlog, robust utility-scale demand driven by corporate AI data centers.   

On Jul. 30, FSLR shares closed up by 3.4% after reporting its Q2 results. Its EPS of $3.92 surpassed Wall Street expectations of $2.74. The company’s revenue was $1.1 billion, matching Wall Street forecasts. FSLR expects full-year revenue in the range of $4.9 billion to $5.2 billion.

For the current fiscal year, ending in December, analysts expect FSLR’s EPS to grow 24.9% to $17.75 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in two of the last four quarters while missing the forecast on two other occasions. 

Among the 34 analysts covering FSLR stock, the consensus is a “Moderate Buy.” That’s based on 17 “Strong Buy” ratings, three “Moderate Buys,” 11 “Holds,” and three “Strong Sells.”

This configuration is more bullish than two months ago, with 16 analysts suggesting a “Strong Buy,” and two advising a “Strong Sell.”

On Aug. 8, Barclays PLC (BCS) analyst Christine Cho CFA maintained a “Buy” rating on FSLR and set a price target of $279, implying a potential upside of 11.6% from current levels. 

The mean price target of $254.94 represents a 2% premium to FSLR’s current price levels. The Street-high price target of $330 suggests a notable upside potential of 32%.