UPDATE: Citi Lowers PT on First Solar to $130

Citi is out with its report today on First Solar FSLR, lowering its PT from $150 to $130. In a note to clients, Citi writes, "We rate FSLR Hold, Speculative (2S) with a $130 target. Given our view that the solar industry is entering into a sustainable period of secular growth and business models across the space have begun to exhibit some earnings stabilization leverage, we choose to apply an earnings-based methodology in valuing the stock." Shares of FSLR closed Friday at $121.55.