North Coast Solar Stocks

November 9, 2009

JA Solar Jumps; Morgan Stanley Turns Bullish

Filed under: JASO — Tags: , , , , — Jason @ 11:47 am

By Eric Savitz

JA Solar (JASO) shares are getting a boost today from Morgan Stanley analyst Sunil Gupta, who today raised his rating on the stock to Overweight from Equal Weight, setting a price target of $5.30. The stock closed Friday at $3.71.

“JA Solar is a globally competitive low-cost cell producer now trading below replacement cost,” Gupta writes in a research note. “Besides offering strategic value, it also offers trading value,” trading below book value, with a P/E of 12.4x estimates 2010 recurring EPS. He thinks the company will gain market share against higher-cost U.S. and European solar cell manufacturers.

He says shipments may have grown 75% in Q3; he expects 60% shipment growth in 2010.

Gupta lifted his 2010 EPS estimate to 20 cents, from 7 cents; for 2011 he goes to 28 cents, from 20 cents.

JASO today is up 28 cents, or 7.6%, to $3.99.


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