Piper Sandler analysts increased their price target for First Solar (NASDAQ:FSLR) to $250 from $210, maintaining an Overweight rating on the stock. The update came as the Department of Commerce (DoC) released preliminary determinations regarding antidumping duties on solar panel imports from certain Southeast Asian countries, representing over 70% of U.S. panel imports.
The reported antidumping rates exceeded expectations, with Vietnam and Thailand seeing potentially retroactive rates aligning with countervailing duties (CVD), while Malaysia and Cambodia rates would take effect upon official publication. For example, Jinko Vietnam faced cash deposit rates exceeding 50%, signaling higher costs for Tier-1 crystalline silicon competitors.
This development was viewed as a positive for First Solar. Elevated pricing for competitor products could enhance First Solar’s booking volumes and pricing power in 2025. The potential for prolonged higher average selling prices (ASP) aligned with uncertainties around the Inflation Reduction Act’s future under Republican control. Additionally, any project delays in 2025 could boost First Solar’s ability to redirect Indian shipments to the U.S., further supporting its market position.