Analysts are Downgrading These 5 Stocks

3. First Solar, Inc. (NASDAQ:FSLR)

Number of Hedge Fund Holders: 45

Shares of First Solar, Inc. (NASDAQ:FSLR) slightly moved down after the opening bell yesterday. The drop followed a downgrade from JPMorgan analyst Mark Strouse, who decreased his ratings for the solar technology company from “Overweight” to “Neutral.”

Strouse referred to the significant gains made by FSLR stock since the approval of the Inflation Reduction Act (IRA) in August. However, he believes there isn’t much room for more gains. The analyst also pointed towards increasing competition that could affect the growth of First Solar, Inc. (NASDAQ:FSLR).

FSLR stock has climbed nearly 90 percent so far in 2022. Much of that gain has been attributed to IRA, which offers tax credits to solar-energy equipment buyers. Many believe First Solar, Inc. (NASDAQ:FSLR) is a key beneficiary of IRA.