Canadian Solar Inc. (CSIQ) Upgraded to Buy at Zacks Investment Research
Canadian Solar Inc. (NASDAQ:CSIQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $20.00 target price on the solar energy provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.54% from the stock’s current price.
According to Zacks, “Canadian Solar’s third-quarter 2017 earnings came in line with the Zacks Consensus Estimate, but declined year-over-year. Meanwhile, revenues surpassed the consensus mark and improved year over year. The company also increased its earnings guidance for 2017. Notably, Canadian Solar caters to a geographically diverse customer base spread across both key markets and emerging markets. Therefore, it is gradually gaining share in Asia, which could soon become a major solar market. Its strong pipeline of projects along with pertinent inorganic strategies will further consolidate its position. However, the company is expected to continue experiencing market dislocation in the near term, which might directly impact its 2017 financial performance. Stiff competition from cheaper alternatives and exposure to foreign exchange risks are added concerns.”
Other analysts have also issued reports about the stock. Axiom Securities reissued a “buy” rating on shares of Canadian Solar in a research report on Saturday, July 22nd. BidaskClub raised shares of Canadian Solar from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Roth Capital raised shares of Canadian Solar from a “neutral” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Friday. Cowen and Company reissued a “hold” rating and issued a $17.00 price objective on shares of Canadian Solar in a research report on Sunday, October 22nd. Finally, B. Riley reissued a “neutral” rating on shares of Canadian Solar in a research report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Canadian Solar presently has a consensus rating of “Hold” and a consensus price target of $19.12.
Shares of Canadian Solar (NASDAQ CSIQ) traded down $0.18 during trading hours on Monday, hitting $17.62. 453,982 shares of the company were exchanged, compared to its average volume of 1,265,949. The company has a current ratio of 0.95, a quick ratio of 0.88 and a debt-to-equity ratio of 0.45. Canadian Solar has a 1 year low of $10.36 and a 1 year high of $19.09. The company has a market cap of $1,030.00, a P/E ratio of 84.69, a price-to-earnings-growth ratio of 0.87 and a beta of 3.12.
Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, November 9th. The solar energy provider reported $0.22 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.22. Canadian Solar had a net margin of 0.84% and a return on equity of 1.32%. The firm had revenue of $912.20 million during the quarter, compared to the consensus estimate of $812.37 million. During the same quarter last year, the firm earned $0.27 EPS. The firm’s revenue for the quarter was up 38.8% compared to the same quarter last year. equities research analysts predict that Canadian Solar will post 1.11 earnings per share for the current fiscal year.
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Several large investors have recently modified their holdings of CSIQ. J&P China Capital Management CO. Ltd. purchased a new position in shares of Canadian Solar during the third quarter worth approximately $11,792,000. Quentec Asset Management LLC boosted its stake in shares of Canadian Solar by 18.6% during the second quarter. Quentec Asset Management LLC now owns 2,703,253 shares of the solar energy provider’s stock valued at $43,036,000 after purchasing an additional 424,601 shares in the last quarter. Calamos Advisors LLC bought a new position in shares of Canadian Solar during the second quarter valued at approximately $4,474,000. Delta Lloyd Asset Management N.V. bought a new position in shares of Canadian Solar during the second quarter valued at approximately $3,662,000. Finally, Quantitative Investment Management LLC bought a new position in shares of Canadian Solar during the second quarter valued at approximately $2,803,000. 40.01% of the stock is currently owned by institutional investors and hedge funds.
About Canadian Solar
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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