Canaccord Adams Downgrades First Solar (FSLR) to Hold

Canaccord Adams downgrades First Solar (Nasdaq: FSLR) from Buy to Hold, maintaining their $180 price target. The firm cited near-term risks and a lack of catalysts that causes them to step to the sidelines.

Commenting on yesterday's analyst day, the firm said, "The company laid out ambitious targets with respect to module efficiency and throughput, but alluded to little else in the way of some of the positive announcements we were looking for.

The firm also notes that file First Solar remains the leading solar company, the company issued fairly ambitious targets with respect to the project pipeline and technology advances, and a lack of visibility into further positive catalysts remains. The firm said the company's new focus will lower GMs but likely increase income in absolute terms.

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