UPDATE: Collins Stewart Downgrades First Solar to Neutral

According to Collins Stewart, First Solar (NASDAQ: FSLR) is downgraded to Neutral.

Collins Stewart said that FSLR announced last evening that due to a construction permit issue, the Department of Energy loan approved for its Antelope Valley Solar Ranch One (AVSR) project has not been funded. “Given the additional risks created by this permitting issue, the shares having risen past our price target and the potential for ground systems to be limited in CY12 by a German policy change, we are reducing our rating from Buy to Neutral.”

First Solar closed yesterday at $49.03.