Analyst Downgrades: First Solar, Inc., Nokia Corp, and Wells Fargo & Co

Analysts downwardly revised their ratings and price targets on First Solar, Inc. (NASDAQ:FSLR), Nokia Corp (ADR) (NYSE:NOK), and Wells Fargo & Co (NYSE:WFC)

Josh Selway

Nov 15, 2016 at 10:03 AM

Analysts are weighing in on alternative energy name First Solar, Inc. (NASDAQ:FSLR), telecom stock Nokia Corp (ADR) (NYSE:NOK), and banking concern Wells Fargo & Co (NYSE:WFC). Here's a quick roundup of today's bearish brokerage notes on FSLR, NOK, and WFC.

FSLR is 0.6% higher at $33.27, even after Goldman Sachs cut its price target to $34 from $36, and Credit Suisse initiated coverage with a "neutral" rating and $50 price target. However, the stock has been trending lower throughout 2016, losing roughly half its value in the process. Short sellers have taken the opportunity to increase their bearish bets. By the numbers, short interest on First Solar, Inc. rose by 7.9% in the last two reporting periods, and now roughly one-fifth of the stock's float is sold short. The company will hold its financial guidance call for 2017 tomorrow afternoon.

NOK is off 5.8% at $4.06 -- a three-year low -- after the company announced a disappointing sales outlook for 2017. Following this, BofA-Merrill Lynch downgraded the stock to "neutral" from "buy," joining the majority of brokerage firms on Wall Street. Specifically, seven of 13 analysts rate Nokia Corp a "hold" or "sell." This pessimism is warranted, however, considering NOK shares began 2016 atop the $7 mark, falling victim to a number of bear gaps throughout the year.

WFC is trading 2.5% lower at $51.88, following a downgrade to "sell" from "neutral" at Guggenheim. The shares have rallied amid sector-wide tailwinds since last week's presidential election, but remain just below their year-to-date breakeven mark of $54.36. Sentiment in the options pits doesn't seem too upbeat, either. Wells Fargo & Co's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands at 1.38, putting it above 93% of all readings from the past year.

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