Baird upgraded First Solar to outperform, citing Section 232 tariffs and data-center power demand. The $318 target implies roughly 35% upside. Earnings are due late July.
Baird upgraded First Solar to outperform from neutral, lifting its price target to $318 from a prior level. Analyst Ben Kello said he had been "on the sidelines for nearly six months" before making the call.
Kello cited Section 232 tariffs on some solar materials as a key factor. Those tariffs are reshaping the competitive field for U.S.-based solar manufacturing, he said. First Solar uses its own thin-film technology rather than imported Chinese polysilicon cells, which gives it a different exposure to trade policy than most peers.
Rising power demand from data centers and the broader electrification push also supports the upgrade, Kello said. The company's manufacturing footprint in Ohio and Alabama positions it to capture orders from utilities and corporate buyers looking for domestically sourced modules.
First Solar shares have been volatile this year, tracking the broader solar sector's swings around tariff announcements and interest rate expectations. The stock is down roughly 12% year to date, underperforming the S&P 500. Baird's new target implies roughly 35% upside from current levels.
The upgrade is part of a broader energy-sector call from Baird. The firm sees the combination of trade protection and structural demand growth as a positive for U.S. solar manufacturing that could extend beyond the current policy cycle.
First Solar reports second-quarter earnings in late July. The company's order backlog, factory utilization rates, and any guidance changes tied to the tariff environment will be in focus.
First Solar has an Alpha Score of 55 out of 100 on AlphaScala's proprietary model, which rates it as Mixed. The stock page is here.
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