Why First Solar, Inc.'s Shares Plunged 10% Today
Shares of First Solar, Inc. (NASDAQ: FSLR) dropped as much as 10% in trading Tuesday after the International Trade Commission gave its recommendations for solar tariffs on imports, which came in lower than expected. First Solar was expected to be the biggest beneficiary of tariffs because its thin-film panels won't be subject to the tariffs. At 2:10 p.m. EDT, shares were still down 9.1% on the day.
Commissioners each made their own proposals for solar import quotas and tariffs, which ranged from a 0% tariff on cell imports up to 1 GW to a 35% tariff on modules. One commissioner even recommended an import license along the lines with what the Solar Energy Industries Association recommended, which could then be put back into the industry to support domestic manufacturers.
Image source: Getty Images.
Source: Fool.com
First Solar Inc. Stock
The stock is one of the favorites of our community with 27 Buy predictions and 1 Sell predictions.
As a result the target price of 217 € shows a positive potential of 31.34% compared to the current price of 165.22 € for First Solar Inc..
