First Solar (FSLR) shares are expected to be range bound in the near-term due to lack of clarity on tariff policy, RBC Capital Markets said in a Friday research note.

The company's guidance assumptions that tariffs will expire as expected in July and production roadblocks will improve in 2027 are at risk if tariffs are extended, the brokerage said.

Without favorable tariff policy outcome, one of the company's SEA plants could shut down, which could hamper 2027 guidance, although the downside risks remain limited, according to the note.

The high probability of a tariff extension could also make it difficult to find an offtaker, analysts wrote.

RBC Capital Markets has an outperform rating on First Solar and price target of $236 per share.

Price: 200.35, Change: -3.13, Percent Change: -1.54