First Solar +3% as J.P. Morgan upgrades 'best-in-class company'

|By:, SA News Editor

First Solar (NASDAQ:FSLR) +3% premarket after J.P. Morgan upgrades shares to Overweight from Neutral with an $85 price target, raised from $74, saying FSLR is arguably "the best-in-class company and the highest-quality stock in the solar module space."

JPM thinks investors need to take a "tactical view" of owning FSLR shares, buying and selling the stock within a $60-$110 range through the end of 2019; with the stock closer to the lower end of the range, the firm is upgrading the name.

The firm says FSLR earnings growth is range-bound by the absence of pricing power in a global commodity market, but it also foresees "strong industry-wide unit growth for the foreseeable future and excellent revenue and earnings visibility" at the company.

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