Shares of First Solar (FSLR - Get Report) jumped more than 7% on Wednesday after the company was added to Goldman Sachs'  (GS - Get Report) venerable "Conviction Buy List" - a nod to the company's improving fundamentals and future earnings prospects, particularly in emerging Asia.

First Solar stock gained $3.87, rising to $60 on the Nasdaq Stock Market, after Goldman Sachs analyst Brian Lee added the company to the firm's Conviction Buy List and raised his price target on the stock to $75 from $64.

In a research note to clients, Lee pointed to "a backdrop of improving fundamentals in the global solar landscape" in addition to "continued strength in the U.S. utility scale development pipeline," as tailwinds that First Solar "is well positioned to harvest," the analyst said.

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Specifically, Lee pointed to First Solar's prospects to expand capacity in Malaysia, which "could add as much as 23% upside to our 2021E EPS, all else being equal."

Shares of First Solar have traded as high as $81.72 and as low as $36.51 over the past 12 months.

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