Why These Energy Stocks are Losing This Week

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

Share Price Decline Between Jan. 23 – Jan. 30: 6.87%

First Solar, Inc. (NASDAQ:FSLR) is a leading American solar technology company and global provider of responsibly produced, eco-efficient solar modules.

First Solar, Inc. (NASDAQ:FSLR) took a hit on January 29 when BMO Capital downgraded the stock from ‘Outperform’ to ‘Market Perform’, while also cutting its price target from $285 to $263. The analyst noted that the potential competitive threats from additional domestic solar manufacturing may put FSLR shares under pressure ‘for some time’.

BMO initially dismissed Elon Musk’s remarks in Davos about Tesla potentially building a significant vertically integrated solar PV module manufacturing base to self-generate as ‘aspirational’. However, the firm believes that the Tesla CEO’s comments during the company’s recent earnings call indicate that ‘this is likely to become a bona fide effort in the next few quarters and may be an overhang on FSLR shares for some time’.