Analysts are weighing in on First Solar (FSLR) earnings results and it’s a bit of a mixed bag. 

Deutsche Bank downgraded the stock to Hold from Buy and lowered the price target from $155 to $125.  While the company notes that the quarter was strong and guidance was raised they have more concerns about 2011 with early data pointing to declining margins .

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Hapoalim Securities is raising its price target from $100 to $105 but is maintaining its Sell rating.  The firm notes that while the company beat the firms estimates, some had hopes that guidance would be stronger and the sale of Agua Caliente will likely be pushed to the Q4.

Goldman Sachs maintains its Buy rating and $165 price target.  The firm sees the negative reaction from traders as temporary similar to last quarter and that their model already assumes large ASP declines in 2011.

Auriga is maintaining their Buy rating as well and have a slightly higher price target than Goldman at $175.  The firm notes that the adjusted EPS of $2.21 was in line with their estimate of $2.24 and they see no reason to change their model for 2011 at this point.  They also indicate that while cost/watt increased a bit for the first time in two years, they see it as a likely one time event due to manufacturing changes.

Shares of FSLR are currently trading right around that critical $140 level, but I still believe the selling is a bit of an overreaction and that the stock will hold that level of support.  That being said though, I’m not willing to add to my position (which I’m now even on) until I see more of an indication that that support level will indeed hold.