5 big analyst cuts: First Solar slashed to Sell ahead of Q1 | Pro Recap

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5 big analyst cuts: First Solar slashed to Sell ahead of Q1 | Pro Recap
Credit: © Reuters.

By Davit Kirakosyan

Investing.com -- Here is your daily Pro Recap of the biggest analyst cuts you may have missed since Friday’s close.

First Solar downgraded at Citi ahead of Q1 earnings announcement

Citi downgraded First Solar (NASDAQ: FSLR ) to Sell/High Risk from Neutral and cut its price target to $194.00 from $220.00 given its belief that the company’s long-term outlook for margins and growth will draw increased scrutiny as the global supply of Si-based modules rises while the cost drops. Shares are trading more than 2% lower premarket today.

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The company is set to report its Q1/23 earnings this Thursday, after the market close. Consensus estimates stand at $1.01 for EPS and $716.79 million for revenues.

C3.ai downgraded to Underperform, shares plunge

C3.ai (NYSE: AI ) shares are trading around 5% lower premarket today after Wolfe Research downgraded the stock to Underperform from Peerperform with a price target of $14.00.

The company reported its Q3/23 earnings last month, with both EPS and revenues coming in above the consensus estimates. For the full year, the company guided revenues in the range of $264M-$266M, compared to the consensus of $261M.

3 more downgrades

Truist Securities downgraded Regions Financial (NYSE: RF ) to Hold from Buy with a price target of $20.00.

Shares fell nearly 3% on Friday after the company reported its Q1 results , with EPS of $0.62 and revenue of $1.95 billion missing the consensus estimates.

Raymond James downgraded Tandem Diabetes Care (NASDAQ: TNDM ) to Market Perform from Outperform. Shares are down nearly 2% premarket today.

Last week, the company announced Control-IQ Technology Meta-analysis, which demonstrated positive clinical impact of automatic correction bolusing on glucose control in people with Type 1 diabetes.

Goldman Sachs downgraded Kingsoft Cloud (NASDAQ: KC ) to Sell from Neutral while raising its price target to $5.10 from $4.00.

The company reported its Q4 results last month, with both EPS and revenues beating the consensus estimates.

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