Solar Morning Spotlight (6/5): FSLR Bull/Bear Scenarios, FEOC, Section 301

Research evidence excerpt

Solar Morning Spotlight (6/5): FSLR Bull/Bear Scenarios, FEOC, Section 301

Equity Research

Industry Update — June 5, 2026

Clean Energy

Solar Morning Spotlight (6/5): FSLR Bull/Bear

Scenarios, FEOC, Section 301

Our Call Praneeth Satish

Join our FSLR Bull Bear debate at 1PM EST. Tax equity FEOC concerns not universal Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

among developers. New Section 301 tariff could increase module import costs.

Michael Blum

Equity Analyst | Wells Fargo Securities, LLC

FSLR Bull Bear Debate at 1PM EST Today. Join us today for a webinar on FSLR as we Michael.J.Blum@wellsfargo.com | 212-214-5037

quantify upside/downside scenarios from here for Sec 232 polysilicon outcomes, US cell Ned Baramov, CFA

manufacturing, flex capacity in SE Asia, and more. Based on our analysis, we estimate Equity Analyst | Wells Fargo Securities, LLC

FSLR is worth as low as $115/sh in our bear scenario and as high as $533 in our ultra bull Ned.Baramov@wellsfargo.com | 212-214-8021

scenario. See Exhibit 1. Eric Shiu

Associate Equity Analyst | Wells Fargo Securities, LLC

Contact us or your salesperson for registration info as we unpack this analysis at 1PM today. Eric.Shiu@wellsfargo.com | 212-214-5038

Jack Farrell, CFA

Not All Developers Concerned About FEOC. We spoke with executives from a major Associate Equity Analyst | Wells Fargo Securities, LLC

global renewables developer yesterday (6/4). Although the US represents a significant Jack.L.Farrell@wellsfargo.com | 212-214-8012

portion of portfolio and pipeline, they were "not particularly worried" about the tax equity

(TE) market freezing up due to FEOC. The developer interacts with a group of Tier 1

providers and only a few are having challenges.