JPMorgan upgrades First Solar to Overweight with $85 price target

JPMorgan analyst Paul Coster upgraded First Solar to Overweight from Neutral and raised his price target for the shares to $85 from $74. The shares closed yesterday up $2.17 to $69.43. The analyst believes investors need to take a “tactical view” of owning First Solar shares, buying and selling the stock within a $60-$110 range through the end of 2019. With the shares closer to the lower-end of that range, he’s upgrading the name to Overweight. First Solar is arguably the “best-in-class company and the highest-quality stock in the solar module space,” but its earnings growth is range-bound by the absence of pricing power in a global commodity market, Coster tells investors in a research note. The analyst, however, also sees “strong industry-wide unit growth for the foreseeable future and excellent revenue and earnings visibility” at the company.

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