Goldman Sachs analyst Brian Lee lowered the price target on First Solar (NASDAQ: FSLR) to $204.00 (from $235.00) while maintaining a Buy rating.

The analyst comments "While FSLR’s 1Q25 results were mostly uneventful, the company lowered 2025 guidance ranges owing to tariff uncertainties and bracketed what appears to be a relatively binary set of tariff scenarios – assuming full reciprocal tariffs on key countries of exposure (India/Malaysia/Vietnam) in the low end of its new outlook while embedding a universal 10% tariff assumption for the higher end of the range, which we note was not far off of the range and midpoints of the prior guidance range coming into the call (outside of margins). Given this dynamic, we expect the stock could be under pressure near-term and range bound until further clarity around tariffs, though we do note that incremental tariff developments and headlines around de-escalation and/or trade deals with FSLR’s impacted countries of exposure would likely serve as catalysts for the stock and signal a potential revision higher in guidance on the next earnings call, all else being equal."