ADRs in Focus: JA Solar Gains

Shares added $1.77, or 8.3 percent, to $23.08, bucking a decline in the Bank of New York Asia ADR index, which lost 0.67 points to 149.72. U.S. markets were also down.

ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

Lehman Brothers analyst Vishal Shah, who has an "Overweight" rating on the stock, said there might be at least 20 percent more upside to the stock price as the company announces more polysilicon contracts. Over the past month, shares have already soared 46.2 percent.

"We continue to believe our above-consensus estimates could prove to be conservative as the company improves its supply situation and industry-leading non-silicon cost structure through ongoing research and development initiatives," Shah wrote in a client note.

Shah said that even if average selling prices declined by 27 percent from a year ago, the company could potentially achieve $1.50 earnings per share in 2009. Analysts polled by Thomson Financial currently expect $1.26 in earnings per share, on average.

Also, Shah said the company has been able to negotiate contracts with European customers at prices that are higher from earlier this year.