First Solar Stock Continues To Sell Off On Thursday: Here's A Look At What's Been Happening
Portfolio Pulse from Ryan Gustafson
First Solar Inc. (NASDAQ:FSLR) has experienced a persistent sell-off since January, continuing with a 7% drop on Tuesday. Despite no company-specific news triggering the recent decline, the stock has been downgraded by Wells Fargo analyst Michael Blum from Overweight to Equal-Weight with a reduced price target from $215 to $187 earlier in January. The company also recently inaugurated a new facility in Tamil Nadu, India. The stock's current downtrend has not yet reached the mid-December low, suggesting the uptrend that began in November may still be intact.
January 16, 2024 | 10:55 pm
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First Solar's stock has been selling off since January, with a significant 7% drop on Tuesday. The stock was downgraded by Wells Fargo earlier in the month, but the inauguration of a new facility in India may provide some positive sentiment.
The persistent sell-off and recent 7% drop in FSLR's stock price, despite the inauguration of a new facility, indicate negative market sentiment. The downgrade by Wells Fargo may continue to weigh on the stock in the short term. However, the stock has not reached its mid-December low, which could suggest underlying strength in the longer-term uptrend.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100