KeyCorp Weighs in on First Solar's Q3 Earnings (NASDAQ:FSLR)

Key Points

• KeyCorp cut its First Solar EPS forecasts, lowering Q3 2026 estimates to $4.59 from $4.99 and forecasting $16.85 for full-year 2026, below the $17.78 consensus. Longer-term estimates for 2027–2029 were also reduced.
• First Solar’s latest quarter exceeded expectations, with $3.92 in EPS versus the $2.90 consensus, while revenue matched forecasts at $1.06 billion; however, revenue declined 3.4% year over year.
• Despite concerns about elevated U.S. inventory, slow project starts, financing costs and earnings execution, analysts maintain an overall “Moderate Buy” rating, with an average price target of $266.53 versus the stock’s reported $176.93 opening price.

First Solar, Inc. (NASDAQ:FSLR - Free Report) - Stock analysts at KeyCorp cut their Q3 2026 earnings per share estimates for First Solar in a report released on Sunday, September 27th. KeyCorp analyst S. Karp now forecasts that the solar cell manufacturer will post earnings of $4.59 per share for the quarter, down from their prior estimate of $4.99. The consensus estimate for First Solar's current full-year earnings is $17.78 per share. KeyCorp also issued estimates for First Solar's Q4 2026 earnings at $5.12 EPS, FY2026 earnings at $16.85 EPS, FY2027 earnings at $22.62 EPS, FY2028 earnings at $25.53 EPS and FY2029 earnings at $29.36 EPS.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 EPS for the quarter, topping the consensus estimate of $2.90 by $1.02. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.06 billion. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The company's quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.18 earnings per share.

Several other equities research analysts have also weighed in on FSLR. UBS Group raised their target price on First Solar from $290.00 to $330.00 and gave the stock a "buy" rating in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft lowered shares of First Solar from a "buy" rating to a "hold" rating in a research note on Thursday, August 27th. Truist Financial reissued a "hold" rating and set a $229.00 price objective (down from $249.00) on shares of First Solar in a report on Friday, July 31st. HC Wainwright started coverage on shares of First Solar in a research report on Thursday, August 27th. They set a "buy" rating for the company. Finally, Jefferies Financial Group set a $196.00 target price on shares of First Solar in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, First Solar presently has an average rating of "Moderate Buy" and an average target price of $266.53.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $176.93 on Wednesday. The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 0.46 and a beta of 1.74. The business has a 50-day moving average of $209.46 and a two-hundred day moving average of $220.68. First Solar has a 1 year low of $170.80 and a 1 year high of $320.95.

Insider Buying and Selling at First Solar

In other First Solar news, General Counsel Jason Dymbort sold 3,700 shares of First Solar stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total value of $922,706.00. Following the transaction, the general counsel directly owned 5,624 shares in the company, valued at approximately $1,402,513.12. The trade was a 39.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $222.95, for a total transaction of $28,314.65. Following the completion of the sale, the executive vice president directly owned 2,018 shares of the company's stock, valued at $449,913.10. The trade was a 5.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 15,881 shares of company stock worth $3,617,086 in the last quarter. 0.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of FSLR. Pictet Asset Management Holding SA grew its stake in shares of First Solar by 29.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,138,473 shares of the solar cell manufacturer's stock worth $224,540,000 after purchasing an additional 258,204 shares during the period. Rakuten Investment Management Inc. purchased a new stake in First Solar during the second quarter worth about $4,019,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in First Solar by 7.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,535,836 shares of the solar cell manufacturer's stock worth $362,396,000 after buying an additional 100,694 shares in the last quarter. Norges Bank acquired a new position in First Solar during the fourth quarter worth about $392,040,000. Finally, Clean Energy Transition LLP increased its holdings in First Solar by 2.8% in the fourth quarter. Clean Energy Transition LLP now owns 1,148,982 shares of the solar cell manufacturer's stock valued at $300,149,000 after buying an additional 31,754 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

Key Stories Impacting First Solar

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: KeyBanc upgraded First Solar from Underweight to Sector Weight, citing the stock’s substantial decline and valuation as factors that limit further downside. The upgrade helped provide some support for the shares. KeyBanc Just Upgraded First Solar Stock. Here's Why.
• Neutral Sentiment: Sell-side analysts now give First Solar an overall “Moderate Buy” rating, suggesting the valuation and long-term growth outlook remain attractive despite near-term uncertainty. First Solar Stock Now Rated Moderate Buy by Sell-Side Analysts
• Negative Sentiment: KeyCorp reduced its First Solar EPS estimates for the third quarter of 2026 to $4.59 from $4.99 and for the fourth quarter to $5.12 from $5.76. Its full-year 2026 forecast of $16.85 is also below the broader consensus of $17.78.
• Negative Sentiment: KeyCorp also trimmed its longer-term EPS forecasts to $22.62 for 2027, $25.53 for 2028 and $29.36 for 2029. Although the reductions are modest for 2027 and 2029, they weaken the expected earnings trajectory.
• Negative Sentiment: Analysts highlighted medium-term pricing pressure from elevated U.S. inventory and slow project starts, while higher bond yields are weighing on solar stocks by increasing project financing costs. First Solar Faces Pricing Pressure Amid High Inventory and Slow Project Starts
• Negative Sentiment: A separate bearish analysis argued that the market remains unconvinced by First Solar’s investment case, reinforcing concerns about valuation, demand timing and near-term earnings execution. First Solar: Why the Market Still Doesn't Believe the Story

First Solar Company Profile

First Solar, Inc is a solar technology and manufacturing company that designs and produces photovoltaic (PV) solar modules for utility-scale power projects. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe), which the company says can provide advantages in energy yield, temperature performance and lifecycle sustainability.

The company's product portfolio includes its Series 6 and Series 7 thin-film solar modules, along with related services such as technical support, module recycling and end-of-life collection.

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