Mizuho Nudges First Solar Target to $278, Highlights Policy Edge Amid Solar Sector Shake-Up

First Solar, Inc. (NASDAQ:FSLR) is one of the stocks that look extremely cheap on paper. On July 14, 2025, Mizuho Securities reiterated its Outperform rating on First Solar and nudged up its price target from $275 to $278, spotlighting the company as a standout beneficiary of U.S. clean‑energy policy despite broader headwinds.

Mizuho emphasized that while many utility‑scale solar names may struggle under the newly scaled‑back tax credits, First Solar’s U.S.-based manufacturing and eligibility for the Inflation Reduction Act’s 45X tax credits position it squarely on the winning side of the policy shift. The firm argues that developers who want to avoid trade scrutiny will lean on domestically produced panels, exactly First Solar’s wheelhouse. 

Photo by Science in HD on Unsplash

At the same time, broader solar sector turbulence erupted on July 8, when President Trump issued an executive order targeting renewable energy tax credits, sending clean‑energy stocks, including First Solar, down 3%–5% across the board. Still, analysts from RBC and others remain optimistic that long‑term demand from AI data center growth and domestic manufacturing will underpin resiliency in the sector.

First Solar operates out of Tempe, Arizona as the only major U.S.-headquartered manufacturer of cadmium‑telluride thin‑film photovoltaic panels. Founded in 1999, it runs several domestic production facilities, including in Ohio and Alabama, and is scaling up a 3.5 GW plant in Louisiana for 2026. Its integrated capabilities span module manufacturing, utility system deployment, financing, and recycling services, making it a vertically integrated player with strong policy tailwinds and growth potential.

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Disclosure: None.