UPDATE: Raymond James Downgrades First Solar (FSLR) to Underperform, Shares Ahead of Themselves

April 25, 2013 7:43 AM EDT
Get Alerts FSLR Hot Sheet
Price: $72.22 -5.43%

Rating Summary:
    13 Buy, 26 Hold, 6 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 19 | Down: 13 | New: 24
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(Updated - April 25, 2013 8:01 AM EDT)

Raymond James downgraded First Solar (NASDAQ: FSLR) from Market Perform to Underperform.

Analyst Pavel Molchanov comments, "Everything has gone right for FSLR shares in April. A well-received analyst day, a positive headline from Washington, and a broader clean tech rally have pushed shares up 67% month-to-date (15% above and beyond the 46% spike during the analyst day itself) versus 1% for the S&P 500."

He continued, "More fundamentally, it is fair to point out that First Solar has a better balance sheet than its major peers, and its backlog of legacy projects provides reasonable visibility for the rest of 2013. However, the market, in one of its periodic "irrational exuberance" modes, seems oblivious to many of the risks for longer-term profitability. Even bearing in mind the 25% short interest, which creates squeezes from time to time, we think shares have gotten ahead of themselves. As such, we are making a tactical downgrade from Market Perform to Underperform."

For an analyst ratings summary and ratings history on First Solar click here. For more ratings news on First Solar click here.

Shares of First Solar closed at $45.11 yesterday.

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