First Solar Stock Sinks After Price Target Cut by Jefferies

Core Insights - Shares of solar power companies, particularly First Solar, experienced a significant decline following Jefferies' downgrade of its price target, citing concerns over current-quarter profits and potential delays affecting volumes [1][2] Company Summary - Jefferies lowered its price target for First Solar from $271 to $266 while maintaining a "buy" rating, indicating a cautious outlook despite the downgrade [1] - First Solar's shares fell by 10%, making it the worst performer in the S&P 500 on that day, reflecting investor concerns over the company's near-term performance [1] Industry Summary - The solar power industry is facing challenges, including delays in utility-scale solar-power growth due to long interconnection queues, supply-chain issues, and labor shortages, which are expected to persist into the next year [3] - Other solar companies, such as Enphase Energy and SolarEdge Technologies, also saw declines in their stock prices, with Enphase down nearly 6% and SolarEdge down about 5% [3]