US solar stocks fall, Jefferies says near-term pricing can rise

Shares of solar companies fall after U.S. President Donald Trump imposes new tariffs on all imports into the country

Reciprocal tariffs on countries that the U.S. imports from — like Vietnam, Malaysia, Thailand and Cambodia — will lead to costs heading higher and "contributing to a wider inflation narrative", Jefferies analysts say

Vietnam will see tariffs of 46% on its exports to the U.S., Thailand 36%, Cambodia 49% and Malaysia 24%

Maxeon Solar MAXN.O down 4.3%, Emeren Group SOL.N down 2.5%, Enphase Energy ENPH.O down 5.5%, Canadian Solar CSIQ.O down 1.8% and Sunrun RUN.O down 7.6%

"We had already anticipated a shift away from Vietnam, Cambodia, Thailand, and Malaysia to begin with following earlier AD/CVD tariffs, but this accentuates the trend" - Jefferies

FirstSolar FSLR.O could come out on top through its domestic manufacturing in the longer term, Jefferies says, but in the near term, the company might not be able to benefit since it is mostly sold out through 2027

FirstSolar shares, which traded lower premarket, up 6.1% in morning trading