First Solar dips after Jefferies cuts PT on near-term challenges
** Shares of U.S.-based solar company First Solar FSLR.O down ~3% at $220.41 in early trading
** Brokerage Jefferies cuts PT to $266 from $271; says utility-scale solar continues to be challenged in the near term by delays due to long interconnection queues, supply chain and labor shortages
** Adds, expect this trend to continue into fiscal 2025 with some level of project pushouts as delays extend from weeks to months
** Election-related and ongoing execution uncertainties will limit any ability for shares to outperform in the near term - brokerage
** Notes FSLR continues to weigh options on how to deploy the panels manufactured in India
** Adds, difficult questions for FSLR to address remain tied to their Southeast Asian and Indian module footprints which remain challenged
** Thirty-two of 39 brokerages rate the stock "buy" or "higher" and seven "hold"; their median PT is $293.50 - LSEG
** Up to last close, stock up nearly 31% YTD
Reporting by Anuja Bharat Mistry in Bengaluru
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