First Solar Stock Jumps Over 11% on Analyst Upgrades After Earnings Beat

Shares of First Solar (FSLR) surged more than 11% in afternoon trading on Monday, propelled by a wave of positive analyst ratings and price target increases following the company's strong second-quarter 2026 earnings report.

Analyst Upgrades Fuel Rally

The rally was anchored by several Wall Street firms reassessing the company's valuation. Guggenheim raised its price target on the stock to $282 from $279, while Citi lifted its target to $297 from $294. Both firms maintained a Buy rating.

Other analysts joined the bullish sentiment, with Barclays reaffirming its Buy stance and Freedom Broker raising its target to $280. The coordinated upgrades followed First Solar's earnings release on July 30, which significantly outperformed market expectations.

Strong Q2 Earnings and Backlog

For the second quarter, First Solar reported earnings per share of $3.92, well above the consensus estimate of approximately $2.90. The company's net income climbed 24% year-over-year to roughly $423 million, according to the report.

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Investors also took note of the company's substantial contracted backlog, which stands at 45.1 gigawatts (GW) valued at $13.6 billion and extends through 2030. This backlog provides significant visibility into future revenue and reinforces the case for sustained demand.

Strategic Position and Market Context

Analysts highlighted First Solar's strategic advantage as a U.S.-based manufacturer whose supply chain does not depend on Chinese crystalline silicon. This positions the company to potentially benefit from U.S. trade policy, particularly any decisions regarding Section 232 tariff exemptions that could favor domestic producers.

While most sentiment was positive, Jefferies maintained a more cautious Hold rating with a $196 price target, citing uncertainty around these same tariffs as a potential headwind. The stock's move was also supported by a constructive market backdrop, with the Nasdaq Composite gaining 2.2% and the S&P 500 rising 1.5% in a broad risk-on session.