First Solar stock falls 2.52 percent as KeyBanc lifts rating

Published on 09/28/2026 at 17:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First Solar stock traded at USD 173.23 on September 28, 2026, down 2.52 percent intraday. Q2 2026 EPS reached USD 3.92 against USD 2.90 consensus.

Fotorealistischer Solarpark von First Solar Inc. bei Sonnenaufgang in der Wüste, ISIN US3364331070 — First Solar Inc. betreibt riesige Solarparkanlage in der Wüste, ISIN US3364331070 steht für Erneuerbare Energien, Illustration mit AI erstellt.

First Solar stock (ISIN US3364331070) was trading at USD 173.23 on Nasdaq at 11:19 a.m. ET on September 28, 2026, down 2.52 percent from the prior close of USD 177.71. According to Yahoo Finance on September 28, KeyBanc upgraded the stock to Sector Weight from Underweight after its year-to-date decline.

KeyBanc changes the rating

Investing.com reports that First Solar shares had declined 32 percent year to date when KeyBanc made the change. The brokerage framed the decision as a valuation call rather than a revision to its fundamental outlook and estimated advanced manufacturing tax credits plus cash at USD 135 per share.

The valuation argument sits beside a clear operating risk. Investing.com says KeyBanc continues to see high US inventory levels and slower downstream project starts as factors that could pressure module pricing in the medium term.

Q2 earnings beat consensus

For Q2 2026, issued on July 30, 2026, MarketBeat reports earnings per share of USD 3.92 versus USD 2.90 consensus. Revenue reached USD 1.06 billion, down 3.40 percent from the same quarter a year earlier, leaving the earnings beat stronger than the sales trend.

Patent strategy adds policy angle

On September 15, 2026, First Solar said it would withdraw its Section 337 complaint at the US International Trade Commission while continuing TOPCon patent lawsuits in US District Court. The company also said its sixth manufacturing facility, under construction in South Carolina, is expected to begin operations in the second half of 2026.

Stock stays below yearly high

At USD 173.23 on September 28, 2026, First Solar stock stood 46.03 percent below its 52-week high of USD 320.95 and 1.42 percent above its low of USD 170.80. The company had a market capitalization of USD 18.6 billion and trading volume of 615,790 shares at 11:19 a.m. ET, giving the valuation debate a direct market test.