First Solar Trending After Ronnie Moas Upgrades To Buy

Ronnie Moas of Standpoint Research on Tuesday upgraded shares of First Solar, Inc. FSLR to Buy from Hold with a $60 price target. Moas noted that shares of First Solar have fallen by 20 percent since he downgraded the issue back in February. The analyst offered no commentary or reasoning for the upgrade, but did state he plans on releasing an industry wide report next month. Analysts at JPMorgan also initiated coverage of First Solar on Tuesday with an Overweight rating and $68 price target. Investor interest in the stock has grown as of late. The company's CEO Jim Hughes commented in June that his firm will be able to provide systems that generate electricity in the Western U.S. for less than $1 per watt by 2017. At the same time, Moas also noted that he prefers to "stay on the sidelines" on Canadian Solar Inc. CSIQ despite recent "negative developments" in recent months. Shares of First SOlar traded recently at $45.76, down 0.54 percent.