First Solar upgraded at JMP Securities on trade petition potential

|By:, SA News Editor

First Solar (FSLR -0.7%) is upgraded to Market Perform from Underperform at JMP Securities, which says a petition related to foreign manufactured crystalline silicon cells and modules filed with the U.S. International Trade Commission by bankrupt solar cell maker Suniva could benefit the company.

According to TheFly.com, JMP says that while it is difficult to predict an outcome, recent actions from the Trump administration on other trade issues suggest there is a chance that the USITC petition could be signed, and that the result for FSLR would be "materially positive" as it would likely improve the company's competitive prospects in the U.S.

The firm also notes that FSLR likely would be able to move product into the U.S. from its Malaysian facility - which is expected to represent 75% of total manufacturing capacity by the end of 2019 - without facing tariffs.