The investment bank has downgraded several European solar stocks, but upgraded Norwegian-owned PV group REC on the basis that it will be bought out or broken up.
HSBC says a pick-up in German demand has been poorer than expected due to softer consumer buying in the face of fears over the macroeconomic situation in Europe.
At the same time, average selling prices (ASPs) for imported Chinese modules continue to fall, putting pressure on European and US PV companies.
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