Rating on First Solar (FSLR) Reiterated by Credit Suisse

First Solar (FSLR) had a "Neutral" rating reiterated on it by Credit Suisse (NYSE:CS), as analyst Satya Kumar said investors should look at the stock in a way as to “avoid extreme pessimism on FSLR solely based on a thesis of unfavorable developments on DOE and permitting.”

Concerns are growing over government-backed funding for projects of First Solar, as the overall industry continues to stagger as Germany and Italy are getting more resistant to subsidies for the industry, and they're the two largest solar markets in the world at this time.

Other concerns over First Solar are competition from China's GCL and a Korean company where “there are dramatic cost reductions and excess low-cost capacity additions” which will pressure the panels business.

Kumar also sees the systems business as being "too profitable to be sustainable.”

He maintains a price target of $115 on First Solar, over $9 below the $13

However, he maintains a $115 price target, which is lower than the $125.28 the stock closed at on Monday.