UPDATE: Piper Jaffray Downgrades First Solar, Lowers PT

Piper Jaffray downgraded First Solar

from Overweight to Neutral and lowered its First Solar price target from $95 to $26 in a research report published today. In the report, Piper Jaffray states, "FSLR is refocusing on just its utility scale business, de-emphasizing 3rd party module sales. This transformation will likely continue to 2015, a period of 3 years in the wilderness, and is emblematic of the larger solar industry as it shifts toward unsubsidized markets. Given the sharp selloff in shares, our new PT of $26 leaves us Neutral rated." Shares of First Solar were trading at $33.55 at the time of posting, down 21.19% from Tuesday's market close.