First Solar (FSLR) has been the high-flier in the red-hot solar sector, but Friedman Billings is still not buying the hype. They have cut the stock from Market Perform to UNDERPERFORM, citing margin risks associated with aggressive utility-scale projects in the US. They believe the stock (currently just under $300) does not properly take into account the downside EPS risk. FB nevertheless raises its target to $200 from $115.
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