Zacks Investment Research Upgrades Canadian Solar Inc. (CSIQ) to “Hold”
Canadian Solar Inc. (NASDAQ:CSIQ) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Canadian Solar caters to a geographically diverse customer base spread across both key markets and emerging markets. It is gradually gaining share in Asia, which could soon become a major solar market. The company has a strong pipeline of projects and is known for its strategic moves that consolidate its position. It also enjoys certain advantages over its peers due to its vertically integrated structure. However, Canadian Solar is slowly losing its ground in America despite promising prospects. The company’s falling revenues in the region is a growing concern. Stiff competition from cheaper alternatives, exposure to foreign exchange risks are other major concerns for the company.”
CSIQ has been the topic of several other reports. Cowen and Company started coverage on shares of Canadian Solar in a research note on Thursday, August 25th. They issued an “outperform” rating and a $28.50 price target on the stock. Vetr lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating and set a $14.42 price target on the stock. in a research note on Tuesday, August 9th. Canaccord Genuity set a $20.00 price target on shares of Canadian Solar and gave the company a “buy” rating in a research note on Friday, August 19th. JMP Securities started coverage on shares of Canadian Solar in a research note on Thursday, September 8th. They issued a “market perform” rating on the stock. Finally, FBR & Co dropped their price target on shares of Canadian Solar from $32.00 to $23.00 and set an “outperform” rating on the stock in a research note on Friday, August 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. Canadian Solar has an average rating of “Buy” and an average price target of $23.07.
Shares of Canadian Solar (NASDAQ:CSIQ) opened at 13.17 on Monday. The firm has a market capitalization of $758.66 million, a PE ratio of 4.99 and a beta of 2.93. The company has a 50-day moving average of $13.00 and a 200-day moving average of $15.96. Canadian Solar has a 1-year low of $11.72 and a 1-year high of $29.83.
Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 18th. The company reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.31. The company had revenue of $805.90 million for the quarter, compared to analyst estimates of $735.82 million. Canadian Solar had a net margin of 4.45% and a return on equity of 19.71%. The firm’s revenue was up 26.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.31 earnings per share. Equities research analysts predict that Canadian Solar will post $1.56 EPS for the current fiscal year.
Large investors have recently modified their holdings of the company. Stevens Capital Management LP bought a new stake in shares of Canadian Solar during the second quarter valued at $164,000. Landscape Capital Management L.L.C. bought a new stake in shares of Canadian Solar during the second quarter valued at $166,000. BlackRock Inc. increased its stake in shares of Canadian Solar by 55.2% in the second quarter. BlackRock Inc. now owns 11,970 shares of the company’s stock valued at $182,000 after buying an additional 4,256 shares in the last quarter. Guinness Asset Management Ltd increased its stake in shares of Canadian Solar by 53.2% in the second quarter. Guinness Asset Management Ltd now owns 12,100 shares of the company’s stock valued at $183,000 after buying an additional 4,200 shares in the last quarter. Finally, Gamco Investors INC. ET AL bought a new stake in shares of Canadian Solar during the second quarter valued at $184,000. 34.50% of the stock is owned by hedge funds and other institutional investors.
Canadian Solar Company Profile
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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