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.
-- Written by Joe Deaux in New York. >Contact by Email. >Follow Joe Deaux on Twitter. Subscribe on Facebook.