Calyon on Solars

Calyon reiterates their solar Buy ratings, each investment thesis remains intact. Bullish on solar and individual cos' long-term prospects. Lowering target on FSLR to $245 (from $345), SPWR to $120 (from $172) and ESLR to $16 (from $22). The lower multiples are due to investor fears of a recession weighing on multiples - the market is not paying up as much for growth now.