First Solar Downgraded by Jefferies on Valuation and Limited Visibility Concerns

Jefferies downgraded First Solar from a "Buy" rating to "Hold." The firm also lowered its price target to $260, down from $269.

Analyst Julien Dumoulin-Smith cited limited visibility into 2026 bookings and potential margin pressures as key factors for the change. He also noted strategic uncertainty surrounding the company’s outlook.

The report suggests policy catalysts may be less impactful than investors anticipate. Furthermore, Dumoulin-Smith believes the shares trade at elevated valuation multiples, representing a "full valuation."

Following the downgrade, First Solar shares fell in pre-market trading. The analyst maintains a cautious stance, arguing that execution risks leave little room for further near-term appreciation.