First Solar shares are currently trading around $202.30 as of September 16, 2026, following the company's strategic withdrawal from its Section 337 complaint before the U.S. International Trade Commission. According to recent market data, the stock has returned about minus 8 percent over the past month, compared with a minus 2.4 percent change for the Zacks S&P 500 composite over the same period. Despite near-term volatility, multiple valuation frameworks suggest significant upside potential from current levels. GuruFocus estimates the stock is about 19.9 percent undervalued with an intrinsic value of $252.72 based on its GF Value metric, while Simply Wall St suggests the shares could be roughly 26 percent undervalued with a fair value of about $273.54 versus the current close near $202. The company's recent quarterly revenue of $1.06 billion came in 3.7 percent below the prior year, missing analyst expectations by about 1 percent, though earnings per share beat consensus estimates and EBITDA significantly lagged analyst projections.
U.S. solar panel maker First Solar Inc announced it would voluntarily withdraw its Section 337 complaint before the U.S. International Trade Commission and instead focus on pursuing lawsuits in federal court against rivals over a leading solar technology. According to reports from Reuters, the Phoenix-based company plans to terminate the ongoing investigation with the ITC without prejudice, leaving open the possibility of refiling later. General Counsel Jason Dymbort described the withdrawal as a procedural decision that clears a path for First Solar's pending TOPCon patent suits in U.S. district court to advance, along with additional actions the company anticipates filing. The decision comes after the Trump administration's recent proclamation imposing tariffs on polysilicon and its derivatives under Section 232 of the Trade Expansion Act, which helped level the playing field at the border. As Dymbort stated, "The Trump Administration's Section 232 action helps level the playing field at the border, and we are more determined than ever to enforce our IP rights and defend the rule of law here at home." The market reaction stands in stark contrast to the broader solar sector, with the Invesco Solar ETF (TAN) down only 0.2% and the SPDR S&P 500 ETF Trust (SPY) up 0.4%, suggesting the decline is specific to First Solar rather than a sector-wide concern.
As reported by Reuters, First Solar will continue pursuing patent lawsuits in federal court against affiliates of Canadian Solar, Jinko Solar, T1 Energy and Trina Solar, cases that had been paused pending the ITC proceeding. The company's focus remains on TOPCon technology, which stands for tunnel oxide passivated contact, a high-efficiency crystalline silicon solar cell technology that has become one of the dominant solar technologies. First Solar does not manufacture silicon-based products, which include TOPCon, and instead makes cadmium telluride panels. The company also plans to keep enforcing its global patent portfolio against other manufacturers it believes infringe on its TOPCon patent portfolio, a process it had paused following the Section 337 complaint. According to management, the trade case ended but the underlying patent litigation did not, with the company emphasizing that district court suits and any anticipated follow-on filings carry real weight even without an ITC remedy attached. This strategic recalibration essentially moves the battleground from the trade commission to federal courts, which may extend the timeline of any potential remedies but keeps legal pressure on alleged infringers.
According to Reuters, First Solar acquired the TOPCon patents through its 2013 purchase of TetraSun and began investigating potential infringement by major solar manufacturers in 2024. The company's decision to withdraw the complaint followed the Trump administration's recent proclamation imposing trade measures on imports of polysilicon and related solar products. The patents include issued patents in the US, Australia, Canada, China and Japan, alongside the European Union and other countries, with validity extending to 2030 and beyond. T1 Energy spokesperson Russell Gold noted that the company is the only American company that both owns patents to high efficiency TOPCon solar and currently manufactures TOPCon solar modules. In addition to pursuing alleged IP infringement, First Solar signed a licensing agreement for its TOPCon IP in the US with solar cell manufacturer Talon PV last year. The name-level split between First Solar's performance and other solar companies like Enphase and Sunrun suggests this is a company-specific enforcement question rather than a broader industry concern, as Enphase and Sunrun operate in the residential solar market while First Solar's TOPCon licensing revenue would show up in the utility-scale corner.
According to Yahoo Finance, analyst price targets range from $150 on the low end to $402 on the high end, with an average near $274.81 and a recent Overweight initiation by Piper Sandler on September 9, 2026 carrying a price target of $260. A snapshot of forecasts from StockAnalysis as of September 15, 2026 shows an average price target of $252.35 for First Solar, which stands 4.33 percent above the current price level. The consensus rating shows a Strong Buy from 25 analysts, with the recalibrated patent strategy sitting at the intersection of legal risk and U.S. industrial policy support. As GuruFocus noted, First Solar has been aligning its legal posture with recent national security measures affecting polysilicon imports, with the decision to withdraw the ITC complaint potentially reducing direct exposure to trade-policy uncertainties while still allowing the company to defend its technology portfolio. The unresolved question is whether First Solar's district court suits can deliver what the withdrawn ITC case would have delivered, with investors looking for signs that promised follow-on filings actually materialize and that pending suits produce meaningful rulings.
