UPDATE: Bank of America Downgrades First Solar to Underperform on Weaker Outlook

Bank of America downgraded First Solar

from Buy to Underperform and loweed the price objective from $35.00 to $25.00. Bank of America commented, "First Solar reported solid Q4 results, but a disappointing outlook. It appears that the company is more willing to be aggressive on pricing than we thought, and it is also evident that First Solar is becoming more dependent on third-party module sales. That is not a profitable business for the company." First Solar closed at $31.36 on Tuesday.