First Solar Inc. (FSLR) stocks are plummeting after downgrades from analysts.
Both Bank of America Merrill Lynch and JMP Securities issued downgrades for the solar company citing the Chinese government's plans to halt solar programs.
BofA Merrill Lynch moved First Solar to neutral from buy and cut the price target to $63 from $83.
JMP downgraded First Solar to underperform from outperform and slashed the price target to $46 from $87.
On Wednesday, June 6, First Solar was down nearly 6%. The stock fell nearly 6% prior to the market close on Tuesday.
The company's stock has dropped more than 11.5% so far this week.