First Solar Shares Jump 11% After Q2 Earnings Beat

First Solar shares climbed more than 11% on August 3, 2026, driven by a strong second-quarter earnings report and a series of upward price target revisions from financial analysts. The company reported net income of approximately $423 million, a 24% increase year-over-year, with earnings per share reaching $3.92 against a consensus estimate of $2.90.

Investor confidence was further bolstered by a contracted backlog of 45.1 GW valued at $13.6 billion extending through 2030. Citi raised its price target to $297, while Freedom Broker and Guggenheim increased theirs to $280 and $282, respectively. Barclays also reaffirmed its Buy rating for the stock.

Analysts noted the company is well-positioned for potential Section 232 tariff decisions that favor U.S. producers because its supply chain does not rely on Chinese crystalline silicon. However, Jefferies maintained a cautious Hold rating with a price target between $196 and $207, citing uncertainty regarding tariff exemptions for domestic partners.