Citigroup (C) Bearish on First Solar (FSLR)

Citigroup (C) analyst Timothy Arcuri wasn't impressed with the spin of First Solar (NASDAQ:FSLR) in its latest earnings report, and is a bear with the company.

He called the profit outlook of an additional 37 cents "of low quality," citing the majority of that coming from 12 percent tax rate as against a 13 percent break, and lower start-up expenses.

Concerning foreign exchange impact, Arcuri noted the assumptions “have crept higher, creating risk in the event the Euro goes the other way.”

He boosted his 2011 EPS estimate from $9.05 to $9.58 while slashing his revenue estimate from $3.8 billion to $3.7 billion.

First Solar closed Friday at $155.72, dropping $8.96, or 5.44 percent. Citigroup maintains a "Hold" rating on them and a price target of $150.