Canadian Solar’s “Buy” Rating Reaffirmed at Nomura (CSIQ)
Canadian Solar (NASDAQ:CSIQ)‘s stock had its “buy” rating reiterated by Nomura in a research note issued on Tuesday. They currently have a $45.00 price objective on the stock, down from their previous price objective of $55.00. Nomura’s target price would suggest a potential upside of 107.28% from the company’s current price.
Canadian Solar (NASDAQ:CSIQ) traded up 5.94% on Tuesday, hitting $23.00. 3,000,071 shares of the company’s stock traded hands. Canadian Solar has a 52 week low of $7.09 and a 52 week high of $44.50. The stock has a 50-day moving average of $27.79 and a 200-day moving average of $32.58. The company has a market cap of $1.211 billion and a P/E ratio of 29.02. Canadian Solar also saw unusually large options trading activity on Monday. Investors acquired 14,476 call options on the company. This represents an increase of 310% compared to the average daily volume of 3,532 call options.
Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Friday, May 16th. The company reported $0.07 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.12 by $0.05. The company had revenue of $466.30 million for the quarter, compared to the consensus estimate of $431.98 million. During the same quarter in the prior year, the company posted ($0.10) earnings per share. The company’s quarterly revenue was up 76.9% on a year-over-year basis. Analysts expect that Canadian Solar will post $3.39 EPS for the current fiscal year.
A number of other firms have also recently commented on CSIQ. Analysts at Northland Securities cut their price target on shares of Canadian Solar from $52.00 to $46.00 in a research note on Monday. They now have an “outperform” rating on the stock. Separately, analysts at Roth Capital cut their price target on shares of Canadian Solar from $50.00 to $35.00 in a research note on Friday. Finally, analysts at Dougherty & Co initiated coverage on shares of Canadian Solar in a research note on Tuesday, March 11th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $38.63.
Canadian Solar Inc (NASDAQ:CSIQ) designs, develops, and manufactures solar wafers, cells and solar module products that convert sunlight into electricity for a variety of uses.
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