First Solar Inc (FSLR)

[eFinanceMarkets]

First Solar -1.7% on Baird downgrade

First Solar (NASDAQ:FSLR) -1.7% premarket after Baird downgrades shares to Neutral from Outperform with a $38 price target, citing valuation.

FSLR rose ~28% over the past month, driven by execution toward Series 6 production, selling of Series 4 inventory, and potential for tariffs to be applied on foreign cell imports by the U.S. ITC, but Baird believes tariffs would be detrimental to U.S. solar markets and expects trade groups to fight against them.

The firm says it seeks clarity on Series 6 margins or a better entry point before becoming more constructive on the stock.