** First Solar's US shares up ~2% premarket, while Canadian Solar falls ~5%

** Citi raises FSLR to "buy" from "neutral", saying stock appears to be pricing-in impact of Q3 guidance cut, lower than expected countervailing duties (CVDs), Trump presidency chance

** Citi cuts CSIQ to "sell" from "neutral" on uncertainty around PV module business in US, the only profitable market for modules

** On US elections, Citi says FSLR should benefit in either outcome: under Trump, FSLR could pull back momentarily but then recover, while under Dems, FSLR could see a sharp recovery

** For CSIQ, it warns of Trump's scrutiny on tariffs; says if Dems win, it expects IRA manufacturing credits to remain, benefitting CSIQ's expansion plans but hiking its capital needs

** On Enphase and SolarEdge , Citi says the "lack of post-summer rebound in EU residential solar is a factor to watch"

** Up to last close, FSLR up ~14% YTD, while CSIQ has slid ~52%

(Reporting by Seher Dareen in Bengaluru)

((Seher.Dareen@thomsonreuters.com;))