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Upgrades: First Solar (FSLR), SunPower (SPWRA); Downgrade to JA Solar (JASO)
Some solar analyst ratings are out this morning with Friedman Billings upgrading both First Solar (FSLR) and SunPower (SPWRA) to Market Perform and price targets of $210 and $65, respectively.
JA Solar (JASO) wasn’t so fortunate, getting a downgrade from Canaccord Adams from Buy to Hold. The stock is off nearly 18% today with heavy volume, erasing yesterday’s move an then some.
Let’s not forget though that it was Canaccord Adams that initiated coverage with a Buy rating on JA Solar on Aug 5th. At the time the stock was trading around $15/share and Canaccord had a price target of $19 (it currently trades below 7). On that same day, they also issues a BUY on Canadian Solar (CSIQ)… had you bought then you’d be down 50%. Let’s just say that Canaccord Adams is lacking credibility with its solar ratings right now.
Both FSLR and SPWRA are up modestly.
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