First Solar Shares Fall Sharply After Analysts Lower Price Targets

Concerns over supply chain and labor issues lead to reduced price outlooks, impacting First Solar's stock performance.

First Solar's stock dropped over 9% following Jefferies and Bank of America analysts lowering their price targets due to anticipated third-quarter challenges.
Jefferies reduced its price target from $271 to $266, citing potential delays and lower volumes affecting current-quarter profits.
Bank of America also cut its target from $343 to $321, pointing to labor shortages and supply chain disruptions as key concerns.
Despite the immediate downturn, analysts maintain a long-term bullish outlook on First Solar's growth potential.
The broader solar power sector faced similar declines, with Enphase Energy and SolarEdge Technologies also experiencing stock drops.