First Solar: S&P Intraday Laggard

NEW YORK ( TheStreet) -- Solar energy company First Solar ( FSLR) was the worst performer in the S&P 500 intraday Monday.

The S&P was down 2.10 points, or 0.15%, to 1,368.81 in trading Monday morning.

Shares of First Solar fell to $26.33, down $1.15, or 4.2%. Canaccord Genuity cut its price target on the stock to $30.

"The company missed expectations and had significant one-time charges related to asset impairment, restructuring and more importantly a warranty expense beyond the normal warranty reserve," Jonathan Dorsheimer, a senior analyst, wrote in a Canaccord report. "As a result it has increased its normal warranty reserve going forward to plan for this potential problem as well."

First Solar reported a fourth-quarter loss in lateFebruary of 46 cents a share on revenue of $2.77 billion. The per-share loss was well off a 2010 fourth-quarter income of $7.68 cents a share, while revenue was higher than year-prior revenue of $2.56 billion.

Two of the 39 analysts who cover the stock gave it a strong buy rating, five rated it a buy, 26 rated it hold, four gave it an underperform rating and two said it was a sell.

TheStreet Ratings gives First Solar a C- grade with a hold rating. The stock has declined 22.5% year to date.

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-- Written by Joe Deaux in New York.

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