UPDATE: J.P. Morgan Initiates First Solar at Overweight on Consolidation Yielding Opportunity

In a report published on Monday, J.P. Morgan analyst Paul Coster initiated coverage on First Solar (NASDAQ: FSLR) with an Overweight rating a price target of $64.

In the report, J.P. Morgan stated, "We view FSLR as the best-positioned pure-play company in a market that should exhibit strong long-term growth. Solar contributes a tiny fraction of global electricity power but is on a technology-led cost trajectory, largely authored by FSLR, that should put this renewable energy source on track to compete head-on with conventional power within 3-5 years. FSLR's recent capital raise should enable it to get a head-start on this diverse opportunity, building momentum in sustainable markets."

First Solar closed on Friday at $41.37.