First Solar is downgraded to 'neutral,' and Trina Solar is upgraded to 'buy.'
Despite opposition, the German government is implementing plans to cut subsidies by 30%, followed by another round of cuts in May.
Governments worldwide are cutting back benefits to solar installers as panel prices drop.
The cost advantage of the solar panel maker has eroded because of lower prices across the polysilicon-based PV module supply chain.
Geographic diversity, cost structure, and a relatively strong balance sheet position the company to withstand current market conditions and grow in the long term.
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