Yessterday, Auriga downgraded shares of First Solar (FLSR) to Hold from Buy since the stock has appreciated considerably in the past few months and about reached their price target which remains at $167.

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The firm maintains a 15x multiple on shares of FSLR due to its superior business model and for comparison stake their highest ranked China solar stocks are given a 10x multiple.

Shares of FSLR have pulled back in the past two days, but on light volume and as long as the overall market holds up, I believe they can get closer to $190 before this run is complete.  It’s too late to add shares up here though.