Citi Maintains Hold Rating On First Solar

According to Citi, First Solar FSLR Hold rating is maintained. Citi said that cut 2011 guide by ~$0.25, largely due to pricing pressure in merchant module business. “The effect of this lower merchant pricing assumption – with no change to the NPV of the earnings from the EPC pipeline – drives our target from $130 to $120 but we maintain our Hold (2S) rating.” First Solar closed yesterday at $107.94.