Thursday, June 25, 2009

Canaccord Adams Downgrades First Solar (FSLR)

The stock is down $5.69 at $165.50 in early pre-market trading.
From 24/7 Wall Street:
First Solar, Inc. (NASDAQ: FSLR) is going to be down early this morning after Canaccord Adams decided to grade the stock. The brokerage firm decided to cut the rating to Hold from Buy, and the price target is $180.00. This could have implications for the solar ETF, Claymore/MAC Global Solar Energy (TAN).

The downgrade is based upon targets being maintained at higher than industry levels at a time when others have been having trouble securing a solid business trend....MORE