Credit Suisse downgraded First Solar (NASDAQ: FSLR) from Neutral to Underperform with a price target of $29.00 (from $30.00).

Analyst Andrew Hughes comments "A pathway to $3 in earnings by 2019 has to assume unrealistic module and/or systems margins, or a module/systems mix that is counter to the direction of the business. We believe our $1.30 2019 EPS estimate is a more realistic reflection of run-rate earnings, although a pathway to $1.50 is feasible once fully ramped for a year at 3.5GW (i.e. 2020). Our $28 TP is based on 17x 2019 EPS plus net cash, discounted back at 10% and adding in consideration of FSLR's 8.3 Stake. Our 2017-18 ests come down slightly. Risks to our view are faster ramp/better cost trajectory for S6, and faster pickup in US RfP activity."

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Shares of First Solar closed at $36.62 yesterday.