Wells Fargo initiated coverage on JA Solar (JASO) with a Market Perform rating and price target of $7 – 8. While the firm says fundamentals remain strong and shares inexpensive, they aren’t willing to rate the company an Outperform due to weaker demand/greater supply picture going forward. 

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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 more which provide a much lower risk entry point following the breakout to a new 52 week high a couple weeks ago.  Shares are up another 4% today.