First Solar Inc.’s stock fell 1.7% in premarket trade Tuesday, after the solar energy company was downgraded at J.P. Morgan analyst Paul Coster, who said the company’s solid fundamentals are now fully priced. Coster cut his rating to neutral, after being at overweight since June 24, 2013. The stock has run up 8.9% year to date through Monday, to close above Coster’s year-end stock price target of $69, while the S&P 500 has lost 5.5% this year. He said he was keeping his earnings estimates and stock price target intact. “Furthermore, we believe First Solar’s 2016-2018 fundamentals remain solid,” Coster wrote in a note to clients. “[First Solar] is probably the highest-quality stock in the solar space, so it pains us to step aside at this time and in this manner, but the risk-reward trade-off seems balanced here, in our view.”
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