Energy Business

Despite Gains, 'Strong Sell' Downgrade Seen in First Solar

What is worse than when an analyst issues a “Sell” rating?  Not much, but how about this… A “Strong Sell!”  S&P Capital IQ has ratings ranging from “Strong Sell” as the worst rating all the way up to “Strong Buy” as the best rating.  Despite First Solar, Inc. (NASDAQ: FSLR) having earnings that were far better than expectations and despite a gain of some 23% up to $18.20 on a 5-times volume spike, S&P Capital IQ lowered the First Solar rating from an already ugly “Sell” rating down to the worst “Strong Sell” rating.

We have yet to see the details from the report as the report is rather new.  With shares up 23% at $18.20, the 52-week range is $11.43 to $113.92 and this is the highest share price going back to very early in May.

If you are a chartist, today’s move higher in the stock took First Solar shares to the highest distance from its 50-day moving average since the average was retested in late-June.  That makes the trading highs and lows extremely important over the last two days as a chartist would bring in key support at that level.  The high yesterday was $15.78 and the close was $14.80; the high on Tuesday was $15.59 and the close was $15.54.

JON C. OGG

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