First Solar is rallying in pre-market trading following a bullish analyst upgrade issued overnight that highlights the stock's 51% upside potential. This positive sentiment is bolstered by a contrarian investment thesis noting that the company's massive $13.6 billion contracted backlog through 2030 provides significant revenue visibility despite recent booking headwinds. While the broader solar sector shows mixed performance, the stock is gaining momentum as investors look past the 32% decline seen earlier this year, viewing the current valuation as an attractive entry point ahead of the upcoming election.