First Solar holds steady on strong US bookings and credits, but overseas risks and policy uncertainty linger.

First Solar benefits from strong US-based bookings, high utilization in the US, and valuable Section 45x production credits, supporting profitable growth through 2030. Its CuRe platform offers higher selling prices and could add up to $0.6 billion in revenue by 2027-2028. However, risks include a declining multi-year backlog, underused overseas capacity, and reliance on US renewable energy policies. The stock trades below historical valuation averages, prompting a cautious hold recommendation until clearer demand and policy outlooks emerge.