Notable Downgrades: First Solar (FSLR), Bank of America (BAC), Cal-Maine Foods (CALM), SanDisk (SNDK)

First Solar, Inc. (FSLR) had its rating lowered from ‘Overweight’ to ‘Neutral’ by analysts at JP Morgan (JPM) on Tuesday.

Currently there are 10 analysts that rate FSLR a ‘Buy’, no analyst rates it a ‘Sell’, and 8 rate it a ‘Hold’.

FSLR was down $2.90 at $68.97 in midday trade, moving within a 52-week range of $40.25 to $73.71. The name, valued at $6.96 billion, opened at $71.36.
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Bank of America Corporation (BAC) was downgraded from ‘Overweight’ to ‘Neutral’ at Atlantic Equities.

Shares have traded today between $12.62 and $13.21 with the price of the stock fluctuating between $10.99 to $18.48 over the last 52 weeks.

Bank of America Corp. shares are currently changing hands at 10.02x this year’s forecasted earnings, compared to the industry’s 14.27x earnings multiple. Ticker has a t-12 price/sales ratio of 1.66. EPS for the same period registers at $1.31.

Shares of BofA have gained $0.61 to $13.13 in midday trading on Tuesday, giving it a market cap of roughly $136 billion. The stock traded as high as $18.48 on July 22, 2015.
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Analysts at CJS Securities downgraded Cal-Maine Foods, Inc. (CALM) from ‘Market Outperform’ to ‘Market Perform’ in a research report issued to clients on Tuesday.

On valuation measures, Cal-Maine Foods Inc. stock it’s trading at a forward P/E multiple of 10.23x, and at a multiple of 7.34x this year’s estimated earnings. The t-12-month revenue at CALM is $2.00 billion. Ticker ‘s ROE for the same period is 46.40%.

Shares of the $2.57 billion market cap company are up 48.59% year-over-year and 17% year-to-date.

Cal-Maine Foods Inc., currently with a median Wall Street price target of $57.50 and a high target of $62.00, dropped $0.44 to $52.94 in recent trading.
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SanDisk Corp. (SNDK) was downgraded by Stifel from a ‘Buy’ rating to a ‘Hold’ rating in a research report issued to clients on Tuesday.

SNDK closed at $72.26 on Monday and is currently trading up $1.39.

In the past 52 weeks, shares of the designer of data storage solutions have traded between a low of $44.28 and a high of $87.43 and are now trading at $73.64.

Shares are down 8.74% year-over-year and 4.91% since the beginning of the year.