First Solar price target lowered to $236 from $254 at Citi

Citi lowered the firm’s price target on First Solar (FSLR) to $236 from $254 and keeps a Buy rating on the shares following the Q4 miss. First Solar reported revenue 1% above consensus but missed on gross margin due to multiple factors including Inflation Reduction Act credit sales, warranty charge, module shipment delay, and warehousing costs, the analyst tells investors in a research note. The firm expects a “muted reaction” post the earnings print. Concerns around revenue guidance, warranty, and tariffs were addressed, but this was balanced by “go get” volumes in the year, demand and policy risks in the current environment, and the earnings miss in Q4, contends Citi.