First Solar, SunPower (FSLR, SPWRA) Slammed On Goldman Downgrade
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First Solar (Nasdaq: FSLR) and SunPower (Nasdaq: SPWRA) are under heavy pressure this morning after Goldman Sachs downgraded both solar stocks from Buy to Sell. First Solar was placed on the firm's Conviction Sell List.
First Solar is down 13% and SunPower is down 12%.
Goldman said the solar companies will miss earnings estimate over the next six months due to an oversupply of products. The firm said pricing will have to adjust strongly downward, which will lead to lower earnings.
The firm said First Solar and SunPower are the two best solar companies, but even these companies will face headwinds.
Other solar stocks, unrelated to the call, are also under pressure this morning:
MEMC Electronic (NYSE: WFR) 1% LOWER
Solarfun Power Holdings Co. Ltd. (Nasdaq: SOLF) 8% LOWER
Evergreen Solar Inc. (Nasdaq: ESLR) 7% LOWER
Suntech Power Holdings Co. Ltd. (NYSE: STP) 10% LOWER
Trina Solar Ltd. (NYSE: TSL) 10% LOWER
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) 11% LOWER
ReneSola Ltd. (NYSE: SOL) 4% LOWER
Canadian Solar Inc. (Nasdaq: CSIQ) 11% LOWER
Energy Conversion (Nasdaq: ENER) 10% LOWER
Claymore/MAC Global Solar Energy ETF (NYSE: TAN) 6% LOWER
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