JA Solar Remaining Hot; Price Target of $28

5/1 - "Strong earnings growth coupled with a well-diversified customer base make JASO one of the fastest growing alternative energy stocks. Material cost savings through the company's long-term supply agreement will also boost margins. As of the date of this report, JASO trades at a multiple of 26.9x our current-year 2008 earnings per share estimate, or roughly in-line with the median value of its alternative energy industry.

The current multiple is at a significant discount to the average industry multiple and many of its peers. With strong projected year-over-year earnings projections throughout 2009, this discount represents an opportunity for the share price to appreciate significantly with forward P/E multiple expansions."

"...with a positive outlook in a high-growth bullish market opportunity in the alternative energy industry, we maintain our recommendation on JASO common stock to Buy with a six-month target price of $28.50. Price appreciation to our near-term valuation target represents 23.1% upside potential."