Wunderlich Securities Upgrades First Solar To Hold, Raises PT To $125

Wunderlich Securities upgraded its First Solar (FSLR) rating from Sell to Hold and increased its First Solar price target from $118 to $125 in a research report published today. In the report, Wunderlich Securities states, "We believe that the shares are fairly valued and we believe investors are already significantly discounting 2012 estimates. We remain concerned about what we believe will be a long-term decline in gross margins and the business strategy in the systems business, but the downside appears to be limited. The good news for all of us is that solar panel prices are rapidly declining and this will likely lead to an increased adoption with fewer and fewer subsidies." Shares of First Solar were trading at $121.62 at the time of posting, up 2.35% from Thursday's market close.