First Solar price target lowered to $268 from $282 at JPMorgan

JPMorgan lowered the firm’s price target on First Solar (FSLR) to $268 from $282 and keeps an Overweight rating on the shares. The company reported mixed Q4 results as its gross margin results and guidance were below expectations, primarily owing to warehousing costs as some U.S. customers exercise rights to delay shipment towards the second half of the year, the analyst tells investors in a research note. The firm says that while “this was a messy print,” it is “encouraged” by First Solar’s unit production and revenue aligning with expectations. It views First Solar’s near-term gross margin headwinds as mostly temporary.