First Solar Inc. (FSLR)

May 1, 2025

First Solar 1Q25 Review: Upgrade to BUY from HOLD on Assumption that 45x Credits Remain Intact & “Guidance Revision Medicine” Has Been Taken; PT Adjusts Higher to $172.37/shr

By Gordon L. Johnson II

What Happened? FSLR’s stock came under pressure yesterday following reduced 2025E guidance provided earlier this week, which was worse than expected as we warned in our 4/15 note titled: “Are Investors Underestimating the Top Twelve…

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June 1, 2023

First Solar is the Best House on a (Very) Bad Block; Upgrade to HOLD on “Strong Story” we Cannot Yet Disprove

By Gordon L. Johnson II

We Believe the Solar Industry is in the Beginning Innings of One of the Most Severe Supply Surpluses its Ever Seen. FSLR said on its 4/27/23 Q1 earnings conference call that “based on the current…

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January 9, 2023

Are First Solar’s “Iron-Clad” Long-Term Contracts at Risk of Cancellation? Fireside Chat w/ a Top-3 US Solar Distribution Bellwether Provides Insights

By Gordon L. Johnson II

Today, we Had the Chance to Catch up with the Head of US Sales from a Top-Three U.S. Solar Distribution Behemoth (details below). Early this morning, for the first time this new year, we had…

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December 6, 2022

As Fundamentals Disappoint the Mkt’s ’23 Goldilocks Scenario we Expect Fireworks; Downgrade to SELL

By Gordon L. Johnson II

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September 14, 2022

Best House on Bad Block, but Very Rich Valuation; Maintain BUY, But Cautiously Given Solar Euphoria

By Gordon L. Johnson II

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November 23, 2021

With Biden’s Bias Towards “Made in the US” PV Panels + FSLR’s Recent L-T Deal = Our PT Jumps Higher

By Gordon L. Johnson II

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August 20, 2021

Forced Labor Issue in China Just Got Real for the Global PV Sector & FSLR Stands to Benefit “Bigly”

By Gordon L. Johnson II

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May 26, 2021

Despite Rising Poly-Si Price, FSLR’s ’22 Contract ASP Collapse + Higher Cost-W = Margin Risk; SELL

By Gordon L. Johnson II

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March 25, 2021

FSLR is Looking at a Ticking ASP “Time Bomb” Set to Erupt 2-6-22; Should it Go Off, Look Out Below!

By Gordon L. Johnson II

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February 26, 2021

Applying a “Best Case” Scenario, Excl. Cash, First Solar’s Value Appears to be $67.60-Shr; SELL

By Gordon L. Johnson II

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October 28, 2020

Was FSLR’s Big 3Q20 “Beat” Due to One-Time Project Sales & Did Module Cost-Shipments Actually Miss?

By Gordon L. Johnson II

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August 10, 2020

300mw of 3rd Party Bookings is a Problem & 25c-W Normalized 4Q S6 Cost = Acute ‘21-‘22 Margin Risk

By Gordon L. Johnson II

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July 14, 2020

Move to SELL on Increasing Margin Concerns (Plummeting US Prices) & Excessive Valuation

By Gordon L. Johnson II

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May 25, 2020

We Find a Lot of Value in FSLR’s Businesses, but Not as Much as the 2-Mo Rally in the Stock Suggests

By Gordon L. Johnson II

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March 1, 2020

FSLR Has Failed to Execute on Its Cost Targets; w- its Cash Balance “Buckling”, Is it Time to Worry?

By Gordon L. Johnson II

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