First Solar: 2Q26 Preview: Quarter likely to be somewhat of non-event due to pending Section 232

Research evidence excerpt

First Solar: 2Q26 Preview: Quarter likely to be somewhat of non-event due to pending Section 232

Equity Research

North America Clean Technology

14 July 2026

First Solar

2Q26 Preview: Quarter likely to be

somewhat of non-event due to

FSLR OVERWEIGHTpending Section 232

Unchanged

With a decision now likely in August, we believe investors are North America Clean POSITIVE Technology

Unchangedincreasingly focused on what a new tariff regime could mean

for U.S. module pricing, FSLR's earnings power, and Price Target USD 279.00 raised 31% from USD 213.00

competitive landscape. We raise our LT ASP outlook to Price (10-Jul-26) USD 227.83

Potential Upside/Downside +22.5%$0.40/w and increase our PT to $279.

Source: Bloomberg, Barclays Research

Section 232 remains the key catalyst for First Solar, with timing increasingly pointing to an

Market Cap (USD mn) 24481

August decision. Based on reports that the president received the Commerce Department's

Shares Outstanding (mn) 107.45

polysilicon investigation findings in mid-May, the 90-day review period would conclude in early

Free Float (%) 94.69

August, with implementation potentially occurring later that month. Investor expectations for

52 Wk Avg Daily Volume (mn) 2.4

the resulting module pricing environment have moved materially higher, with landed imports

Dividend Yield (%) N/A

potentially reaching $0.40-0.50/W depending on the structure of any remedy. We now assume a

Return on Equity TTM (%) 18.44

long-term U.S. realized ASP of approximately $0.40/w for First Solar, reflecting a blend of

Current BVPS (USD) 92.06

premium-priced fully domestic modules and U.S.-finished imported products. This drives a Source: Bloomberg

substantial increase in our earnings outlook and raises our price target to $279 from $213, while