UPDATE: DNB Markets Downgrades First Solar to Sell on Valuation

DNB Markets reduced its rating on First Solar FSLR from Buy to Sell and lowered its price target from $21 to $20. DNB Markets noted, "First Solar has surged 45% since the Q2 results. However, responding to worse than expected losses in the module division, we have trimmed 2013e EPS, and cut target price to USD20. Given the potential downside, we have downgraded from BUY to SELL." First Solar closed at $21.43 on Friday.