First Solar price target lowered to $280 from $315 at RBC Capital

RBC Capital analyst Christopher Dendrinos lowered the firm’s price target on First Solar (FSLR) to $280 from $315 but keeps an Outperform rating on the shares. The company’s Q3 earnings missed expectations, and while the firm anticipated additional challenges from cancelations and delays, there is also more acute price pressure in India, the analyst tells investors in a research note. On a positive note however, First Solar is in negotiations for the use of its TOPCon patents, which could drive upside to valuation, and with U.S. election top of mind, the company could be a beneficiary of more aggressive protectionist policies under a Republican administration, RBC added.