First Solar Stocks Plummet 9% Following Dual Analyst Downgrade
Key Insights on First Solar's Price Target
On October 10, First Solar (NASDAQ: FSLR) witnessed a significant 9.29% drop in stock value. This decline follows analyst downgrades from both Jefferies and Bank of America, which adjusted their price targets downwards. While both firms have reiterated their ‘Buy’ ratings for FSLR, they hinted at potential short-term challenges due to labor shortages and regulatory hurdles.
Analyst Insights
- Jefferies analyst Dushyant Ailani reduced his target from $271 to $266.
- Bank of America cut its price target from $343 to $321.
- Both analysts noted project delays impacting operational timelines.
Long-Term Outlook Remains Positive
Despite recent setbacks, long-term prospects for First Solar remain optimistic as demand for renewable energy continues to grow. The Solar Energy Industries Association (SEIA) anticipates steady growth rates in the industry moving forward.
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