JPMorgan analyst Paul Coster upgraded First Solar to Overweight from Neutral and raised his price target for the shares to $85 from $74. The shares closed yesterday up $2.17 to $69.43. The analyst believes investors need to take a "tactical view" of owning First Solar shares, buying and selling the stock within a $60-$110 range through the end of 2019. With the shares closer to the lower-end of that range, he's upgrading the name to Overweight. First Solar is arguably the "best-in-class company and the highest-quality stock in the solar module space," but its earnings growth is range-bound by the absence of pricing power in a global commodity market, Coster tells investors in a research note. The analyst, however, also sees "strong industry-wide unit growth for the foreseeable future and excellent revenue and earnings visibility" at the company.

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Wells Fargo upgraded First Solar to Overweight from Equal Weight with a price target of $250, up from $187. The firm says that as the solar sector continues to struggle due to several headwinds, it is getting more defensive with its ratings. Wells upgrade First Solar due to its relative stability and several potential catalysts. The firm downgraded Sunnova Energy (NOVA) as interest rates may stay higher for longer. First Solar is sold out through 2026, which provides near-term earnings stability, the analyst tells investors in a research note. The firm also sees a number of potential catalysts on the horizon from the lifting of bifacial exemptions, further trade barriers on Chinese panels, restricting Inflation Reduction Act credits and a potential Trump presidency.