¿Es el reciente descenso en el precio de las acciones de First Solar una oportunidad para comprar, o simplemente un correctivo que sirve como advertencia?

The recent volatility in First Solar (FSLR) has sparked debate among investors: is the stock's pullback a chance to capitalize on undervaluation, or a warning sign of near-term headwinds? To answer this, we must dissect the interplay between valuation metrics, earnings performance, and industry dynamics.

Valuation Re-Rating: A Historical Dislocation or Strategic Misstep?

First Solar's trailing P/E ratio of 18.90 as of January 10, 2026, and its forward P/E of 10.80 starkly contrast with its 10-year average of 61.28. This compression suggests a significant re-rating, driven by both market skepticism and a shift in investor sentiment. By comparison, the solar industry's forward P/E of 7.4x highlights First Solar's relative attractiveness. However, the stock's valuation remains inconsistent across sources, with forward P/E estimates ranging from 10.80 to 18.3x, underscoring uncertainty in earnings forecasts.

This dislocation could reflect a temporary correction rather than a fundamental breakdown. First Solar's revenue growth in Q4 2025-$1.51 billion, exceeding expectations, demonstrates its ability to scale operations, particularly in solar module sales. Yet the earnings miss ($3.65 per share vs. $4.57 expected) and revised 2025 guidance ($17–$20 EPS vs. $20.70 consensus) have dented confidence. The stock currently trades at $174.73, a 17% discount to the $204.38 consensus price target, implying potential upside if the company meets its revised targets.

Near-Term Fundamentals: Growth Amid Uncertainty

First Solar's strategic investments in manufacturing capacity- Alabama's commissioned facility and Louisiana's construction progress-signal long-term ambition. These projects align with its goal to reduce costs and secure supply chain resilience, critical in an industry prone to geopolitical and policy shifts. Additionally, its partnership with UbiQD to enhance solar panel efficiency could differentiate its offerings in a competitive market.

However, near-term risks persist. The Jefferies downgrade from "Buy" to "Hold" highlights concerns about 2026 booking visibility, margin pressures, and strategic clarity. CEO Jim Hughes has publicly acknowledged the solar sector's policy uncertainty as a challenge, a sentiment echoed by analysts wary of regulatory headwinds. While First Solar's 48% gain in 2025 reflects optimism, the 10% post-earnings dip underscores market caution.

The Case for Caution and Opportunity

The stock's valuation appears undervalued relative to historical averages and industry peers, but this must be weighed against near-term execution risks. First Solar's 2025 guidance, while below Wall Street's expectations, still implies a 50% EPS increase from 2024, a strong tailwind. Analysts project 12.4% annual revenue growth and 22.46% earnings growth, suggesting long-term potential.

Yet the Jefferies downgrade and CEO's policy concerns highlight structural uncertainties. Investors must assess whether the current discount to the $204.38 price target compensates for these risks. For those with a medium-term horizon, the dip could offer entry at a discount to intrinsic value, provided the company executes on its manufacturing and efficiency goals.

Conclusion: A Cautious Buy in a Dynamic Sector

First Solar's recent dip reflects a mix of undervaluation and near-term skepticism. While its valuation metrics and growth initiatives present compelling arguments for a buying opportunity, the lack of clarity on 2026 bookings and policy risks necessitate caution. Investors who believe in the company's ability to navigate regulatory challenges and scale its manufacturing footprint may find the current price attractive. However, those prioritizing short-term certainty might prefer to wait for clearer guidance or a more favorable risk-rebalance.

In a sector defined by rapid innovation and policy shifts, First Solar's trajectory will hinge on its ability to translate capacity expansions into sustained profitability. For now, the stock appears poised for a re-rating-up or down-depending on how these dynamics unfold.