By Market News Video Staff, Wednesday, November 17, 12:33 PM ET
Credit Suisse (NYSE:CS) analyst Satya Kumar is cutting his ratings on solar stocks today. Kumar’s caution in the sector comes from increased supply, which will pressure prices, as well as “flattish” demand in 2011.
First Solar (NASDAQ:FSLR) was cut from outperform to neutral, with its price target slashed from $155 down to $127.50. GT Solar (SOLR) was cut from outperform from neutral, and its price target reduced from $11 to $9.
Kumar also cut Trina Solar (NYSE:TSL) and ReneSola (NYSE:SOL) from outperform to neutral, and JA Solar (NASDAQ:JASO) and Suntech (NYSE:STP) from neutral to underperform.
On the news, the Guggenheim Solar ETF (AMEX:TAN) is trading lower today, falling more than 3% so far.
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