Following the Democrats' sweep in the 2026 U.S. midterm elections, William Blair analyst Jed Dorsheimer believes First Solar is well-positioned to capitalize on potential legislative changes that could favor solar energy development.
The election results, which included Democrats winning both chambers of Congress and several governorships, are expected to facilitate local support for utility-scale solar projects.
Dorsheimer highlighted the Bipartisan American Affordability and Jobs Act, which aims to expedite federal permitting for solar initiatives and expand solar grid development, as a key factor that could positively impact First Solar.
Notably, Texas, which recently elected a Democratic governor, is a major player in the U.S. solar market, having added approximately 11 gigawatts of solar capacity in 2025 alone. Despite the positive outlook, Dorsheimer cautioned that the benefits from these state-level changes may take time to reflect in First Solar's bookings.
Currently, 29 out of 41 analysts covering the stock have a buy or strong buy rating, although shares have declined nearly 26% year to date