Cowen upgraded First Solar (NASDAQ: FSLR) from Neutral to Outperform with a price target of $65.00 (from $62.00) following Q2 results, citing improved visibility on pipeline and cost optimization.

Analyst Jeffrey Osborne commented, "FSLR reported strong results, beating estimates. Key milestones met during Q2: (a) avg. efficiency increased 70bps q/q, (b) 8point3 launched, creating a viable destination for assets, (c) production is maxing out, with 2015 sold out and 2016 nearly sold out. We are upgrading to Outperform on solid cost reduction execution and growing pipeline diversification ahead of the post-2016 ITC shift."

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Shares of First Solar closed at $44.50 yesterday.