First Solar Shares Down 43% From June Peak as Goldman Keeps Buy Rating

First Solar closed at $180.13 on Oct. 7, 43% below its June 3 high, after Goldman Sachs lowered its target to $272 but maintained a Buy rating. The new target implies 51% upside and is near the $274 consensus, while even the lowest Street target sits above the recent close. Earnings estimates for 2026 and 2027 have changed little, suggesting the decline reflects multiple compression rather than lower forecasts.

First Solar ended Oct. 7 at $180.13, 43% under its June 3 close of $318.25. Goldman analyst Brian Lee trimmed his target to $272 from $310 while retaining a Buy rating, implying 51% potential gain. That target sits near the $274 consensus; the lowest of 30 Street targets, $197, remains above the recent close.

The selloff has not been matched by estimate cuts: 2026 and 2027 consensus EPS figures are within 1% of their levels 90 days earlier. At $180.13, shares trade at 8.5x forward earnings; reaching $272 would require about 12.9x. Its June backlog covered 45.1 GW and extended to 2030.