Correction: Deutsche Bank raised the target from $167 to $170

First Solar (FSLR) held its analyst day yesterday in Vegas, reiterating near term challenges but optimistic about the future.  Deutsche Bank is weighing in with its own comments saying the company is entering a transitional period as it looks to open new markets.  It believes the company is uniquely positioned as one of a few solar companies that can grow the solar PV market beyond one that is heavily subsidized as well as substantially increase its own market share.  However, Deutsche is lowering the price target from $170 to $167, while maintaining a HOLD rating. 

First Solar (FSLR) is trading down 2% this morning, but well off the morning lows.  It still looks a bit weak technically and in my opinion it probably needs to test the 200 day moving average around 150 before staging the next leg higher. 

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Update: Canaccord Adams has downgraded FSLR to HOLD.

Hat tip to Street Insider

Update: Pacific Crest analyst Mark Bachman called the company’s update solid but expected and said the stock remains attractive.  It rates the company an outperform and has a $231 price target on it