BofA Slashes Target on First Solar (FSLR) to $19, Maintains Underperform
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Price: $214.06 -3.75%
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
37 Buy, 18 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Shares of First Solar (Nasdaq: FSLR) are indicated for a higher open Tuesday morning despite a bearish note from BofA Merrill Lynch earlier. The stock last traded at $20.35, up 0.8 percent from Monday's close.
The firm slashed its price target on the stock from $31 to $19 and maintained an Underperform rating. BofA cited pressure on First Solar's margins amid continued declines in the price of peer's silicon-based products. The firm is also concerned First Solar may have trouble developing a profitable pipeline, especially outside the US.
The call comes in light of drastic downside in shares of First Solar recently. Over the last month, the stock has closed higher only three times. Shares have plunged more than 30 percent since March 16th.
Track all the market-moving analyst calls on shares of First Solar with our Analyst Ratings page.
The firm slashed its price target on the stock from $31 to $19 and maintained an Underperform rating. BofA cited pressure on First Solar's margins amid continued declines in the price of peer's silicon-based products. The firm is also concerned First Solar may have trouble developing a profitable pipeline, especially outside the US.
The call comes in light of drastic downside in shares of First Solar recently. Over the last month, the stock has closed higher only three times. Shares have plunged more than 30 percent since March 16th.
Track all the market-moving analyst calls on shares of First Solar with our Analyst Ratings page.
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