Shares of First Solar (NASDAQ:FSLR) are down today, which can be attributed to an analyst downgrade. Indeed, Vikram Bagri of Citigroup changed his rating on the stock from Hold to Sell while assigning a price target of $194 per share. For reference, his previous price target was $220 per share.
Vikram believes that the company’s long-term outlook may prove to be challenging due to the supply and demand fundamentals of solar modules. Specifically, Vikram sees First Solar having difficulty attractively pricing contracts beyond 2026 due to excess supplies of polysilicon and PV modules.
Overall, Wall Street analysts have a Moderate Buy consensus rating on FSLR stock based on 10 Buys, nine Holds, and two Sells assigned in the past three months.