Deutsche Bank analyst Vishal Shah upgraded First Solar (FSLR) to Buy and raised his price target for the shares to $65 from $50.

The provider of photovoltaic solar energy solutions closed yesterday up $1.60 to $48.43. Channel checks indicate that "robust" U.S. demand is driving module prices higher, Shah tells investors in a research note. He believes First Solor is likely to announce additional 1GW of series 4 capacity extension for next year as well as orders for series 6 modules sooner than most investors expect.

He sees upside to near-term estimates for the company.