Analyst Upgrades First Solar on Midterm Shift

William Blair raised its rating on First Solar after Democrats won both chambers of Congress in the 2026 midterms.

Updated on Nov. 5, 2026 in Utilities

Analyst Upgrades First Solar on Midterm Shift

Live Poll

Would you support your local government expanding utility-scale solar projects?

William Blair upgraded First Solar to outperform from market perform, citing Democratic gains in the 2026 U.S. midterm elections. Democrats won both chambers of Congress and flipped five governorships in Texas, Georgia, Ohio, Iowa and Nevada.

Why it matters

Democratic control at the local level is expected to support utility-scale solar procurement and siting. The shift could affect solar developers and the broader clean-energy market across the country.

Of 41 analysts covering First Solar, 29 rate the stock buy or strong buy, while shares have fallen nearly 26% year to date. Texas added roughly 11 gigawatts of solar in 2025, reaching about 52 gigawatts total, though the source does not detail how these figures will shift under new state leadership.

The players

William Blair

William Blair is a Chicago-based investment bank and asset manager whose research division publishes equity ratings on public companies.

Jed Dorsheimer

Jed Dorsheimer is a William Blair analyst who covers the solar and clean-energy sector.

First Solar

First Solar is a U.S.-headquartered manufacturer of thin-film photovoltaic solar modules and one of the largest solar companies in the country.

The details

William Blair analyst Jed Dorsheimer issued a note to clients on Thursday. The Bipartisan American Affordability and Jobs Act proposal calls for expedited federal permitting for solar projects, a measure the firm links to the upgrade.

November 5, 2026: Midterm results reported and William Blair upgrade issued.
2025: Texas added roughly 11 gigawatts of solar capacity.

Market Landscape

The upgrade ties First Solar's outlook to the Bipartisan American Affordability and Jobs Act, which would expedite federal permitting for solar projects. Whether the proposal becomes law will determine how quickly utility-scale solar developers can move projects forward nationally.

Utility-scale solar procurement could expand in states with new Democratic leadership, affecting the electricity mix available to households over time. Consumers should watch whether the federal permitting proposal advances, since faster approvals would influence project timelines and local power supply.

The takeaway

Policy changes at the state and federal level can shift analyst views on clean-energy stocks quickly. Readers tracking energy costs should follow permitting legislation, which determines how fast new solar capacity reaches the grid.