UPDATE: Wunderlich Lowers PT on First Solar to $95

Wunderlich is out with its report today on First Solar FSLR, lowering its PT to $95 from $118. In its report, Wunderlich writes, "We are lowering our price target on the shares of First Solar, Inc. to $95 from $118 to reflect the lower value of the Amex Oil Index (XOI). Since 78% of the variability in the price of FSLR shares can be explained by the XOI, our valuation model is a blend of both our XOI-driven model and a DCF. While we could update our price target daily, as a practical matter we change it when the target changes by more than 20% and the index seems relatively stable. We reiterate our Hold rating on FSLR shares." At the time of posting, shares of FSLR were trading pre-market at $88.79, up 1.24% from Monday's close.