Jefferies Downgrading First Solar

Jefferies & Co. is out with a research report on First Solar (NASDAQ: FSLR) and it is downgrading shares to Hold and lowering its price target to $47 from $125.

In a note to clients, Jefferies writes, "Given the uncertainty around the sudden midday departure of FSLR's CEO, we can no longer recommend the stock and move our rating to Hold. The stock is likely to remain weak as no further information will be disseminated prior to its earnings report on Nov. 3. Although there is uncertainty around the project revenue recognition timing, the stock is trading at a discount to the liquidation of the projects and assets."

Shares of FSLR lost $14.68 to close at $43.27, a loss of 25.33% yesterday.