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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