UBS Downgrades First Solar (FSLR) to Neutral
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UBS analyst Jon Windham downgraded First Solar (NASDAQ: FSLR) from Buy to Neutral with a price target of $110.00 (from $95.00).
The analyst comments "We downgrade shares of FSLR from Buy to Neutral as we see limited upside catalysts to drive continued re-rating near-term. We had previously expected the potential for an extension of the U.S. Federal investment tax credit (ITC) to support a higher multiple for FSLR shares and that thesis has now played out. The ITC was extended for 2 years at a 26% rate in December 2020. FSLR shares are currently trading at a 25x cash adjusted NTM P/E compared to ~19x 3 months ago and 13x 5-year average."
Shares of First Solar closed at $100.75 yesterday.
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