Wells Fargo initiated coverage on JA Solar (JASO) with a MarketPerform rating and price target of $7 – 8. While the firm saysfundamentals remain strong and shares inexpensive, they aren’t willingto rate the company an Outperform due to weaker demand/greater supplypicture going forward.
Shares of JASO continue to look very bullish, but a bit overstretched in the short term. I’d like to see shares digest gains a bit morewhich provide a much lower risk entry point following the breakout to anew 52 week high a couple weeks ago. Shares are up another 4% today.