Benzinga | Jul 13, 2021 06:47AM EDT

Citi Downgrades First Solar To Neutral As Growth Drivers Play Out

* Citigroup analyst J.B. Lowe downgraded First Solar Inc (NASDAQ:FSLR) to Neutral from Buy with a $100 price target, implying a 6.1% upside potential.

* Since April, the stock has flipped from lagging its module producer peers and the broader solar sector year-to-date to outperforming.

* Several of the catalysts he laid out in his April upgrade have played out, Lowe added. The triggers included the U.S. tax and trade policies, higher estimate revisions relative to production, and margin outperformance.

* Price action: FSLR shares traded lower by 1% at $93.35 in the premarket session on the last check Tuesday.