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NEW YORK, Oct 29 (Reuters) - Shares of First Solar dropped nearly 16 percent on Thursday, the day after the solar power systems maker posted disappointing third-quarter revenue and issued a weaker-than-expected outlook for the fourth quarter. The solar industry has struggled in the past year as the financial crisis choked off funding for new projects, creating a glut of the cells and modules that turn sunlight into electricity. First Solar, the lowest-cost module maker in the industry, posted weaker-than-expected revenue after Wednesday's market close and said gross margins for the fourth quarter would shrink below Wall Street estimates. The news prompted several analysts to cut price targets and ratings on the company. Shares of the company were down 15.7 percent at $127.74 in morning Nasdaq trading. (Reporting by Matt Daily; Editing by Lisa Von Ahn) Keywords: FIRSTSOLAR/SHARES (matt.daily@thomsonreuters.com; Reuters Messaging: matt.daily.reuters.com@reuters.net; +1 646 223 6121) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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