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Here's Why First Solar (FSLR) Stock Is Down Over 8% Today
Shares of solar module manufacturer First Solar (FSLR - Free Report) were down over 8% in morning trading Thursday following a rating downgrade and a hefty price target cut from analysts at Deutsche Bank.
Deutsche Bank cut its rating to “hold” from “buy” and slashed its price target for the stock to $44 from $80. The firm blamed the downgrade on sluggish bookings, a likely upcoming pause in demand, and pricing pressure from competitors in international segments.
"Even though FSLR remains one of the best run companies in our coverage, we believe it would be difficult for management to grow earnings amidst some of the expected near term headwinds," Deutsche Bank said in a note today.
Deutsche Bank now holds an estimate of just $1.50 per share for First Solar’s 2017 earnings. The current Zacks Consensus Estimate for the company’s 2017 earnings is $3.14 per share.
It’s also important to note that the firm cuts it price target by 45%, and its new target of $44 per share was about $5 less than First Solar’s closing price on Wednesday.
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