- First Solar (FSLR -5%) downgraded to Neutral from Buy, price target cut to $42 from $58 (current price $37.72). Analyst Brian Lee: "While long-term risk-reward remains more compelling for the company vs others in our coverage, our positive expectations on volume upside potential and better-than-expected EPS power heading into 2017 have not been fulfilled.”
- SolarEdge Technologies (SEDG -9.7%) moved from Neutral to Sell, target lowered from $19 to $13 (current price $15.52). Reduces EPS estimates for FY 2017, 2018 and 2019 to $1.69, $1.06 and $0.80, respectively.
- Sunrun (RUN +7.7%) upgraded from Neutral to Buy, price target raised from $7 to $10 (current price $6.60). FY 2016, 2017, 2018 EPS projections raised to $0.33 (from -$0.92), -$0.01 (from -$2.37) and $0.31 (from -$2.14), respectively.
- Vivint Solar (VSLR +0.6%) upgraded to Neutral from Sell, target raised from $2.50 to $3.50 (current price $3.20). Lee: "Near-term, we still see risk to volumes given a dearth of tax equity capacity (particularly in 4Q16) but see less risk of a dilutive equity raise as previously modeled given recent access to debt capital and a slowing growth trajectory." Estimates FY 2016, 2017 and 2018 EPS at -$2.09 (from -$2.17), -$1.59 (from -$1.62) and -$1.36 (from -$1.46), respectively.
- Goldman Sachs maintains a Neutral rating on the solar sector overall.