Canadian Solar Inc. (NASDAQ:CSIQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $20.00 price target on the solar energy provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 14.61% from the company’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.”
A number of other analysts have also recently weighed in on the stock. Cowen and Company reissued a “hold” rating and set a $17.00 target price on shares of Canadian Solar in a report on Sunday, October 22nd. Barclays PLC cut shares of Canadian Solar from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $12.00 to $14.00 in a report on Monday, August 21st. Axiom Securities reissued a “buy” rating on shares of Canadian Solar in a report on Saturday, July 22nd. BidaskClub cut shares of Canadian Solar from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Vetr raised shares of Canadian Solar from a “buy” rating to a “strong-buy” rating and set a $19.06 target price on the stock in a report on Thursday, August 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $19.12.
Shares of Canadian Solar (NASDAQ CSIQ) opened at $17.45 on Monday. The firm has a market cap of $1,028.40, a price-to-earnings ratio of 84.43, a price-to-earnings-growth ratio of 0.70 and a beta of 3.12. Canadian Solar has a twelve month low of $10.36 and a twelve month high of $19.09. 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 (NASDAQ:CSIQ) last issued its earnings results on Thursday, November 9th. The solar energy provider reported $0.22 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.22. The company had revenue of $912.20 million for the quarter, compared to analysts’ expectations of $812.37 million. Canadian Solar had a net margin of 0.84% and a return on equity of 1.32%. The firm’s revenue was up 38.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.27 earnings per share. sell-side analysts anticipate that Canadian Solar will post 0.97 EPS for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in CSIQ. Pacad Investment Ltd. acquired a new stake in shares of Canadian Solar in the 2nd quarter worth about $115,000. Legal & General Group Plc increased its stake in Canadian Solar by 111.1% during the 2nd quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock valued at $124,000 after buying an additional 4,100 shares during the period. Paloma Partners Management Co acquired a new position in Canadian Solar during the 1st quarter valued at about $303,000. Columbus Circle Investors acquired a new position in Canadian Solar during the 2nd quarter valued at about $318,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Canadian Solar during the 2nd quarter valued at about $323,000. 40.01% of the stock is currently owned by institutional investors and hedge funds.
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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