BMO Capital downgraded First Solar (FSLR) to Market Perform from Outperform with a price target of $263, down from $285. The firm “initially dismissed as aspirational” Tesla (TSLA) CEO Elon Musk’s remarks last week about potentially building a significant vertically integrated solar photovoltaic modules manufacturing base to self-generate. However, Musk’s remarks during Tesla’s earnings call suggest “this is likely to become a bona fide effort” in the next few quarters, the analyst tells investors in a research note. BMO believes Tesla’s efforts could be an overhang on First Solar shares “for some time” and weigh on investor sentiment. The stock in premarket trading is down 3%, or $6.71, to $242.70.
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