UPDATE: Piper Jaffray Lowers PT on First Solar to $95

Piper Jaffray is out with its report today on First Solar

, lowering its PT from $105 to $95. In its report, Piper Jaffray writes, "We adjust our FY11/FY12 estimates to $6.52/$9.50 from $6.71/$10.51 to account for movement of system revenue recognition into 1Q12 from 4Q11, and possibly from 2012 into 2013. However, we believe such movement in revenue recognition is likely priced in already with FSLR trading at 1x book value, which is consequently where SPWR was trading before it was acquired by Total. We apply a 10x multiple to our revised EPS of $9.50 giving us a $95 price target ($105 previously)." Piper Jaffray maintains Overweight on FSLR. At the time of posting, shares of FSLR were trading pre-market at $49.38, up 2.49% from Thursday's close.