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JA Solar's shares jump on upgrade
LOS ANGELES (Reuters) - Chinese solar power company JA Solar Holdings Co Ltd saw its shares jump nearly 9 percent on Monday after a Morgan Stanley analyst upgraded the company a day before its financial results.
Shares of JA Solar, which is set to report results for the third quarter on Tuesday, were up 33 cents, or 8.9 percent, at $4.04 in early afternoon trading on Nasdaq.
Morgan Stanley analyst Sunil Gupta upgraded the company to "overweight" from "equal weight."
"We expect JA Solar to gain market share from high-cost US and European cell makers," Gupta said in a note to clients.
Meanwhile, Energy Conversion Devices slipped 3.2 percent to $11.12 on Monday after the U.S. solar company posted its second straight quarterly loss.
The solar industry is looking for its brightest quarter so far this year, after the credit crisis and falling prices hampered new projects and profits for many companies.
(Reporting by Laura Isensee; Editing by Tim Dobbyn)
