First Solar Inc. (FSLR) has received a price target boost from Jefferies analysts, who now see the solar panel maker’s shares reaching $157 apiece, up from their previous estimate of $127. Despite this increase, the analysts maintained a Hold rating on the stock, citing ongoing trade tensions between the U.S. and China as a key factor in their decision.
Strategic Manufacturing Footprint
According to Jefferies analyst Michael Lewett, there is "real merit" in extending First Solar’s manufacturing footprint in Southeast Asia due to recent developments in U.S.-China relations. Key points include:
- House lawmakers have proposed Foreign Entity of Concern restrictions that could limit Chinese companies’ access to U.S.-based technology and capital markets.
- The International Trade Commission voted against raising tariffs on Chinese solar panels imported into the United States.
These factors suggest that expanding operations in Southeast Asia could provide a strategic advantage for First Solar Inc. given the current trade conditions.
Expansion Plans
First Solar has announced plans to build new factories outside of China as part of its efforts to diversify its supply chain and mitigate potential risks associated with trade tensions. The company has:
- Secured land for new facilities in Malaysia and Vietnam.
- Collaborated with local governments on permits for these projects.
- Planned to build another factory at an existing site near Singapore.
Jefferies estimates that these new facilities will increase First Solar’s annual production capacity by 4 gigawatts by 2025, compared to its current capacity of about 10 gigawatts per year.
Market Performance
Shares of FSLR were trading down about 1% at $124 on Wednesday morning, following a nearly 6% drop over Tuesday’s close. This decline was influenced by news from Tesla CEO Elon Musk, who announced plans to cut production costs by reducing output at his electric vehicle plants amid high inflationary pressures.
- Tesla’s shares fell more than 2% on Wednesday morning after Musk’s announcement, although he still expects strong demand for electric vehicles.
- Competitor Rivian Automotive (RIVN) also saw a decline, falling more than 3% after reporting second-quarter earnings late Tuesday evening.
Overall, FSLR shares are up about 20% so far this year, while RIVN is down nearly 50% over the same period. At publishing time, FSLR was trading around $124 per share, while RIVN was trading around $18 per share.
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