Freedom Broker cut its price target on First Solar Inc. shares to $248 from $280 and kept a Buy rating. The move followed the company's third-quarter results and a reduced full-year guidance.
First Solar reported third-quarter revenue of $1.23 billion on October 29. That figure fell 22.8% year-over-year and came in below the consensus estimate of $1.29 billion, according to the source. The source says the decline was driven by lower module volume sold on a capacity basis. Earnings per share exceeded expectations.
Solar module shipments fell 22.0% year-over-year in capacity terms during the quarter. Total order backlog through 2030 stood at 44.0 gigawatts, down from 45.1 gigawatts at the end of the second quarter.
Management lowered fiscal 2026 guidance, citing heightened industry uncertainty tied to recent legislative initiatives. Freedom Broker projects current-quarter revenue at $1.53 billion and fiscal 2027 revenue at $5.34 billion.
According to the source, the stock trades at $171.12, near its 52-week low of $165.86, and is down 32% year-to-date.