Citigroup downgraded First Solar (FSLR) to "sell" from "neutral"
First Solar, Inc. (NASDAQ:FSLR) is off by 5.8% to trade at $204.39 this morning, dinged by a downgrade. Citigroup lowered its rating on the alternative energy stock to "sell" from "neutral," while also trimming its price target by $26 to $194. The Wall Street analyst cited a "challenging" long-term outlook for the company.
First Solar stock is pacing for its steepest single-session decline sine Jan. 19. Keep an eye on the $200 area today, which stepped up as support in the last month. Year-to-date, FSLR is still up 39.1%, and 179% year-over-year.
Already this morning, options volume is running at triple the intraday average amount. At last check, 4,464 puts and 2,755 calls have crossed the tape, led by the September 190 put. New positions are being opened at the second most popular contract, the January 2024, 330 call.