Jefferies Downgrades First Solar (FSLR) to Hold On "Bewildering" CEO Departure News

Jefferies downgraded First Solar (NASDAQ: FSLR) from Buy to Hold with a price target of $47 (down from $125).

Given the uncertainty around the sudden CEO departure the analyst said they can no longer recommend the stock.

Jefferies' analyst said they expect the stock to remain weak as no further information will be disseminated prior to its earnings report on Nov. 3. That said, while the uncertainty around the project revenue recognition timing shares are trading at a discount to the liquidation of the projects and assets.

For more ratings news on First Solar click here and for the rating history of First Solar click here.

Shares of First Solar closed at $43.27 yesterday.

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