UPDATE: Cantor Fitzgerald Downgrades First Solar to Hold, Reiterates $23 PT

In a report published Friday, Cantor Fitzgerald downgraded its rating on First Solar (NASDAQ: FSLR) from Buy to Hold, and reiterated its $23.00 price target.

Cantor Fitzgerald noted, “We are downgrading our investment opinion from BUY to HOLD and maintaining our $23 target price. The shares have hit our price target, and although we are comfortable the company can grow its project pipeline and transition to a sustainable EPC model, questions remain on how profitable new projects will be. Thus, with the shares fully valued, in our view, we prefer to move to the sidelines, as we expect more volatility.”

First Solar closed on Thursday at $24.75.

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