First Solar Inc. stock dips as company withdraws ITC patent case but keeps TOPCon lawsuits alive

Published on 09/16/2026 at 18:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First Solar Inc. stock trades near USD 202.30 as of September 16, 2026 while the company withdraws its Section 337 complaint at the USITC but maintains TOPCon patent lawsuits in US District Court. Recent quarterly revenue of USD 1.06 billion came in 3.7 percent below the prior year, with EPS beating analyst estimates.

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First Solar Inc. stock (ISIN US3364331070) is trading around USD 202.30 on Nasdaq as of September 16, 2026, after the company moved to withdraw a key patent complaint at the US International Trade Commission while keeping its TOPCon-related lawsuits in U.S. District Court active. As Yahoo Finance reported on September 16, 2026, the recalibration of its intellectual property enforcement strategy is now a central driver for investor attention.

Patent strategy shift becomes near-term catalyst

According to Yahoo Finance on September 16, 2026, First Solar intends to voluntarily withdraw its Section 337 complaint and seek termination of the ongoing investigation at the USITC without prejudice to refiling at a later date. The company is simultaneously maintaining and pursuing its existing TOPCon patent lawsuits in U.S. District Court against affiliates of Canadian Solar, Jinko Solar, T1 Energy and Trina Solar, which had previously been stayed pending the ITC investigation.

The same release highlighted that First Solar is also continuing efforts to enforce its global patent portfolio against other manufacturers it believes infringe its TOPCon patent portfolio, a process it had paused when filing the Section 337 complaint. This strategic shift essentially moves the battleground from the trade commission to the federal courts, which may extend the timeline of any potential remedies but keeps the legal pressure on alleged infringers. For investors, the key question is whether this recalibration improves the odds of a favorable settlement or judgment without the uncertainties of trade-focused proceedings.

Valuation and recent share performance

The current share price near USD 202.30 compares with valuation and fair value estimates that point to a modest to significant upside. According to GuruFocus on September 16, 2026, First Solar is trading at approximately USD 202.34 versus an intrinsic value estimate of USD 252.72 based on its GF Value metric, implying the stock is about 19.9 percent undervalued. In a separate analysis, Simply Wall St on September 16, 2026 cited a fair value of about USD 273.54 versus a last close near USD 202, suggesting the shares could be roughly 26 percent undervalued if long-term policy support and earnings power materialize as expected.

Short-term performance has been softer. As Yahoo Finance noted on September 16, 2026, First Solar shares have returned about minus 8 percent over the past month, compared with a minus 2.4 percent change for the Zacks S&P 500 composite over the same period. This underperformance reflects both sector volatility and investor caution around near-term demand, cost dynamics and legal uncertainties, even as several valuation frameworks still point to upside from current levels.

Earnings picture and analyst views

On the fundamental side, the latest reported quarter provides a mixed backdrop. According to StockStory in its Q2 rundown published on September 16, 2026, First Solar reported revenue of USD 1.06 billion in its most recent quarter, down 3.7 percent year on year. The article states that this revenue figure missed analyst expectations by about 1 percent, while earnings per share came in ahead of consensus and EBITDA significantly lagged analyst estimates. The combination points to solid bottom-line delivery but pressure on operating performance and margins.

Analyst sentiment remains supportive overall despite near-term volatility. A snapshot of forecasts from StockAnalysis as of September 15, 2026 shows an average price target of USD 252.35 for First Solar, which stands 4.33 percent above the current price level used in that overview. The same data set lists a consensus rating of Strong Buy from 25 analysts. Meanwhile, according to Yahoo Finance on September 16, 2026, analyst price targets range from USD 150 on the low end to USD 402 on the high end, with an average near USD 274.81 and a recent Overweight initiation by Piper Sandler on September 9, 2026 carrying a price target of USD 260.

Legal, policy and execution risks

The recalibrated patent strategy sits at the intersection of legal risk and U.S. industrial policy support. As GuruFocus noted on September 16, 2026, First Solar has been aligning its legal posture with recent national security measures affecting polysilicon imports. The decision to withdraw the ITC complaint could reduce direct exposure to trade-policy uncertainties while still allowing the company to defend its technology portfolio, but it also extends the reliance on court-driven processes whose outcomes and timing are inherently uncertain.

Operationally, the latest quarter's revenue decline of 3.7 percent year on year to USD 1.06 billion underscores execution risks in a market where pricing, input costs and project timelines are fluid. The EBITDA miss highlighted by StockStory adds to that picture, suggesting that, despite an EPS beat, the company is still navigating margin and cost challenges. For investors who view First Solar as a long-term beneficiary of U.S. clean-energy policy, these short-term variations in earnings quality and legal strategy are key factors to watch alongside capacity expansion, project pipeline visibility and technology differentiation.

Stock level and key market metrics

First Solar Inc. stock currently trades on Nasdaq in U.S. dollars, with recent quotes around USD 202.30 as of September 16, 2026. Market portals such as Yahoo Finance and StockAnalysis as of mid-September 2026 place the shares in that price zone, underpinning the valuation comparisons cited above. With analyst average price targets in the mid-USD 250 range and fair value estimates stretching toward the USD 270 region, the current level leaves a quantified gap to these reference points, though that gap depends on policy assumptions and execution over the coming quarters.