UPDATE: Jefferies Lowers PT on First Solar to $21

Jefferies & Company has published a research report on First Solar FSLR and after the company reported a Q1 EPS miss. In the report, Jefferies writes, "We believe FSLR's release of a new 5 year plan lacks credibility in light of its decision to pull out of the European market which still represents the majority of demand, and no product to address the more sustainable and easy to finance rooftop residential market. We also believe the company's 2012 EPS guidance raise is overly aggressive and maintain our negatively biased HOLD." Jefferies maintains its Hold rating and has lowered the price target from $26 to $21 on First Solar, which closed yesterday at $18.07.