Solar City, First Solar Trade In Opposite Directions Amid Sunedison Blowout
Tuesday's trading session is proving to be a confusing one for many investors.
Meanwhile, shares of SolarCity Corp (NASDAQ: SCTY) spiked higher by nearly 5 percent while shares of First Solar, Inc. (NASDAQ: FSLR) moved in the opposite direction to the tune of a 6 percent decline.
SolarCity's stock rating was maintained with a Buy rating at Energy Transfer Partners but its price target was slashed from $65 to $56.
"With several term sheets received and being negotiated, the company appears to be making progress on the monetization front with the aim to deliver better IRRs than SolarCity's current stock valuation implies," the analyst Sven Eenmaa wrote.
First Solar's decline could be attributed to its ongoing Analyst Day presentation. The company earlier said that it will provide an update on its fiscal 2016 outlook.
First Solar also earlier announced a new strategic partnership with a subsidiary of Silicon Ranch Corporation. The agreement calls for 231.6 Megawatts (MW) DC of First Solar's advanced technology thin film modules for use in Silicon Ranch projects to be constructed in 2017 and early 2018.
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