| 2020-10-29 06:00:34|
FSLR 06:00 10/29 10/29/20
First Solar downgraded to Neutral after 67% rally at JPMorgan
JPMorgan analyst Paul Coster downgraded First Solar to Neutral from Overweight with an unchanged price target of $94. After rallying 67% year-to-date, the stock is now trading close to the price target and at "historically-elevated" multiples, Coster tells investors in a research note. At the current multiple, and entering a later stage of the Series 6 product transition, focus shifts from sequential improvement in margins and profitability as production capacity fills in to whether First Solar has established a sustainable energy-density and cost/watt advantage in the global solar industry, says the analyst.