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Downgrade Alert for First Solar (FSLR)

By Nick Russo

First Solar (NASDAQ:FSLR) was downgraded from Buy to Hold at Argus Research today. The stock closed yesterday at $37.82 on volume of 2.7 million shares, above average daily volume of 2.2 million.

First Solar, Inc. designs and manufactures solar modules. The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

First Solar (NASDAQ:FSLR) has potential upside of 75.7% based on a current price of $37.82 and analysts' consensus price target of $66.44. First Solar shares should first meet resistance at the 200-day moving average (MA) of $57.56 and find additional resistance at the 50-day MA of $64.95.

In the past 52 weeks, First Solar share prices have been bracketed by a low of $36.75 and a high of $74.29 and closed yesterday at $37.82, 3% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 1.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of First Solar on April 5th, 2016 by issuing a Downtrend alert when the shares were trading at $64.14. Since that call, shares of First Solar have fallen 40.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades First Solar

Ticker(s): FSLR