UPDATE: Citigroup Initiates First Solar at Buy on Solar Downstream Outlook

Citigroup initiated First Solar FSLR with a Buy rating and a $41.00 price target. Citigroup noted, "[O]ur sector tilt is favorable towards solar downstream names versus the upstream manufacturers – FSLR is the bellwether in the downstream market. FSLR's balance sheet strength and bankability premium should allow it to continue to capture large scale projects in key growth regions globally – we see a robust pipeline outlook for the next several years. Our new $41 target price translates into an ETR of 45% - supporting our outlook." First Solar closed at $29.02 on Tuesday.