UPDATE: JP Morgan Lowers PT on First Solar
J.P. Morgan reiterates an Underweight rating for First Solar (NASDAQ: FSLR) and lowered their price target from $20 to $14.
J.P. Morgan notes, “Over the past two days a couple of positive data points emerged that likely caused a short squeeze in FSLR yesterday. On Monday, First Solar announced it was adding 159MW of new projects to its development pipeline. Yesterday, Bloomberg ran a story indicating First Solar will delay the closure of its German module plant due to better than expected near-term demand in Europe. Given the large short interest in FSLR, we think these two data points coupled with a rebounding market drove a significant short squeeze in the stock yesterday. We do not believe there was much, if any, structural long buying in yesterday's stock move.”
FSLR closed at $14.95 yesterday.
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