First Solar shares rise after Truist upgrade and $229 target

what happened

Shares of solar-panel maker First Solar rose 1.8% in afternoon trading after Truist Securities analyst Christopher Souther upgraded the stock to Buy. Stockstory.org reported that Souther also raised the price target to $229, implying about 52% upside from the previous close. CNBC and StreetInsider covered the research. Souther increased his estimate for the average U.S. module selling price in 2029 by 17%, pointing to a stronger pricing outlook into the 2030s and expected domestic utility-scale demand averaging 44 gigawatts a year through 2035, according to Investing.com.

The upgrade came after a roughly 32% year-to-date decline that had reset the company’s valuation, CNBC reported. In a client note, Souther said First Solar’s domestic Series 7 capacity is fully booked through 2028. He added that new Section 232 restrictions targeting stockpiling of imported polysilicon, effective December 4, could prevent overseas oversupply and give the company more room to charge higher prices for uncommitted volumes after 2028.

The initial advance faded, leaving the shares at $180.10, up 1.3% from the prior close. First Solar has been highly volatile, with 29 moves of more than 5% over the past year. Stockstory.org previously reported a major move 18 days earlier, when the shares fell 7.9% after the 10-year Treasury yield reached 5.14%, its highest level since 2007, increasing borrowing costs across the economy. The Associated Press said U.S. stocks fell early that Thursday as rising Treasury yields and recovering energy prices pressured markets. First Solar is down 34.4% this year and trades 43.4% below its June 2026 52-week high of $318.25. A $1,000 investment made five years ago would now be worth $1,711.

why it matters

The upgrade highlights potential support from module pricing, utility-scale demand and limits on imported polysilicon. At the same time, higher Treasury yields and energy costs remain relevant headwinds for a capital-sensitive solar business whose valuation depends on future profits.

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