First Solar's huge backlog raises question whether new orders will deliver cash.
Context
What happened: First Solar (FSLR) holds a large contracted backlog, but weaker near-term sales and uncertainty over new order prices raise questions about how much backlog converts into cash.
Why it matters: Analysts differ on whether the backlog proves pricing power. Barclays cut its target to $259, Truist raised its to $270, and Piper Sandler lowered its to $251, framing slower orders as postponements rather than cancellations.