First Solar's Gaffney Milestone Meets a Court Date and a Profit Test
Published on 10/29/2026 at 14:31 | Editorial boerse-global.de
First Solar's freshly inaugurated Gaffney plant in South Carolina gives the US thin-film maker a tangible piece of its manufacturing build-out — though the market's attention this week is split between a multi-million-module lawsuit, a fresh analyst upgrade and quarterly results due after the closing bell.
The stock traded 0.4% higher pre-market at €157.80, recovering some ground after Tuesday's pressure. That dip followed a weaker-than-expected fourth-quarter 2026 revenue outlook from Enphase Energy, with media reports also pointing to slower-than-hoped sell-through at Enphase distribution partners weighing on solar names. First Solar's utility-scale order backlog was flagged as a relative buffer against that softness.
Guggenheim raises its target ahead of the numbers
Guggenheim's Joseph Osha lifted his price target on First Solar to $299 from $282 on Tuesday, reaffirming a buy rating, according to media reports. No rationale for the higher target was disclosed. The upgrade lands just as First Solar prepares to report third-quarter 2026 results today after the close, covering the quarter ended September 30, with a conference call also scheduled.
Swift Current suit covers more than 2.4 million modules
Separately, Swift Current Energy has taken First Solar to court in New York state, alleging defects and underperformance across more than 2.4 million delivered solar modules, per reports dated October 19. The claim covers Series 6 Plus and Series 7 modules supplied for Swift Current projects. The allegations are contested and have not been established as fact by any court. A hearing is set for November 16, 2026.
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Gaffney's first phase is running — the second is the real test
Operationally, First Solar has opened phase one of its Gaffney facility, which shifts final-stage production of Series 6 Plus modules onto US soil. The plant cost roughly $330 million and employs about 500 people. A second phase, targeted for mid-2027, is designed to double the site's annual nameplate capacity to 3.4 GW, with the facility also slated to produce CuRe technology. Headcount is expected to approach 700 once that stage is complete.
Nameplate capacity, of course, describes potential output rather than economic contribution — which is why the ramp-up matters more than the ribbon-cutting. First Solar expects to have invested more than $5 billion in US manufacturing plus research and development since 2019 by the end of 2026, and it projects roughly 17 GW of American module capacity by 2027. Gaffney is one piece of that broader program, not a standalone story.
That scale raises the bar for the figures due today. Order backlog, selling prices and production ramp-up belong together: the backlog supplies the commercial backdrop, pricing speaks to economic quality, and execution on the ramp determines whether announced capacity turns into operating progress. A strong showing on just one of the three would be an incomplete answer.
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Guggenheim's target is a valuation signal worth noting, but it is an assessment, not confirmation of operating success. Gaffney strengthens First Solar's industrial position; whether that translates into convincing earnings momentum is the more important proving ground.
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