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First Solar (FSLR -6%) slips like Bank of America equities downgraded to Neutral from Buy with a price of $91 target, cut by $114, citing the growing likelihood that tariffs on bifacial panels that had protected the company will not be extended, which could flood the US market with cheap imported panels.

“With Section 201 potentially not applying to the majority of U.S. imports, First Solar’s pricing power could erode,” negating upside potential for a backlog that is likely to remain solid, writes Julien Dumoulin- Smith from BofA.

While First Solar is “more insulated from inflationary pressures elsewhere with disruptions for c-Si competitors, it has its own idiosyncratic foil-and-adhesive headwinds” that add further margin pressures, Dumoulin-Smith says.

Update: California Public Utilities Commission Chair Alice Reynolds has reportedly asked for more time to review and consider revisions to a proposal that would reduce incentives for residential rooftop solar systems in the state.

Solar stocks are down across the board, including MAXN -8.3%NEWS -8.1%ARRY -6.8%SHLS -5.5%DQ -5.1%SPWR -4.6%JKS -4.6%ENPH -4.3%CSIQ -2.6%.

ETF: TAN -3.4%.

SolarEdge (SEDG) -2.9%) slips despite winning an upgrade to Buy at Needham and Sunrun (RUN -7.5%) plunges near 52-week lows as the same company cut its share price target by 40%.