First Solar (FSLR) is lower in Tuesday trading as investors digest another round of analyst price-target reductions, keeping pressure on the stock after months of choppy sentiment around 2026 demand and profitability. A widely-circulated note Tuesday highlighted BMO Capital Markets lowering its price objective to $237 from $252 and maintaining a market-perform stance, adding to a drumbeat of target trims across the sector.

The pullback reflects an ongoing re-pricing of near-term expectations after First Solar’s 2026 outlook reset earlier in the year, when the company guided to net sales of $4.9 billion to $5.2 billion and flagged tariff-related impacts. Investors are also positioning ahead of the company’s next earnings catalyst later this month, when management commentary can clarify whether bookings, shipments, and margins are tracking to that 2026 framework.

The next key catalyst is First Solar’s upcoming first-quarter 2026 results, which the company has scheduled for late April. Traders will be focused on any updates on booking visibility, project timing, manufacturing utilization, and the estimated tariff headwinds embedded in 2026 expectations—especially because incremental changes in visibility have been a primary driver of recent analyst downgrades and target reductions.