A few months ago Soleil Securities downgraded FSLR from Buy to Hold but increased the price target a  bit to $170.  The firm just got a lot more bearish on the stock and is downgrading it again from Hold to Sell and slashing the price target from $170 to $96.

Hat tip to StreetInsider.com for the following analyst comment:

We believe the environment in which First Solar massively beats expectations each (and every) quarter has come to an end. 1) Industry capacity is now too large (approaching 20 GW in mid-2010) for government subsidy programs to lead to supply shortages and higher prices; 2) Module pricing is now under intense downward pressure for all producers due to massive industry over-capacity; 3) First Solar has completed its capacity build-out and will no longer be starting up significant amounts of capacity each quarter helping to beat expectations.”

Shares of FSLR are down about 3% in premarket trading.  There is strong resistance around the 145 level.