Deutsche Bank analyst Vishal Shah has downgraded First Solar, Inc. (NASDAQ:FSLR) from a Buy rating to a Hold rating.

The rating comes after a slower than expected ramp in bookings, an increasingly likely plateau of demand ahead of the company’s series 5 ramp, and the possibility of increase in pricing pressure due to an “aggressive bidding environment from the developers in international segments.”

The analyst lowered his 2017 EPS estimates for FLSR to $1.50, a considerable $1.68 lower than consensus EPS estimates of $3.18. The analyst also revised his 2018 EPS estimates for the company to $2.50, $1.48 lower than consensus 2018 EPS estimates of $3.18.

The analyst concedes that First Solar is one of the best run companies in his coverage, however, he upholds that it will be difficult for management to expand earnings with expected near-term headwinds.