First Solar stock plunges after analyst downgrade

First Solar (FSLR.US) shares tumbled over 5% after Bank of America downgraded its stance on the manufacturer of solar panels to ‘underperform’ from ‘neutral’ and slashed price target to $65.50 from $76.50, saying growth estimates may be too optimistic. The investment bank believes that First Solar has received “too much credit for a reality that has never materialized.” According to StreetInsider, the BofA analyst points out that too much “good” news is priced into the shares, making them “susceptible to significant derating”.

First Solar (FSLR.US) stock has been moving in a downtrend since the beginning of November 2021, however buyers managed to halt declines at the end of February around major support at $61.35, which sparked upward correction. Nevertheless bulls failed to break above local resistance at $85.25 which is marked with upper limit of the 1:1 structure and 38.2% Fibonacci retracement of the last downward wave. If current sentiment prevails, local support at $76.70 may be at risk. Source: xStation5

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