First Solar Inc

FSLR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$372.00	Dcsc	Mvxndbzqp

First Solar Begins to See Impact of Manufacturing Tax Credits, but Upside Appears Priced in

Brett Castelli

Mar 1, 2023

We have increased our fair value estimate for no-moat First Solar to $174 per share from $152 following its fourth-quarter results and 2023 outlook. Our increased valuation is a result of assuming the company is able to retain a higher percentage of U.S. solar manufacturing credits as well as higher average selling prices. Despite our valuation bump, we view much of the good news as already priced in at current trading levels.

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