Canadian Solar Upgraded to Outperform by FBR Capital Markets (CSIQ)
Canadian Solar (NASDAQ:CSIQ) was upgraded by equities research analysts at FBR Capital Markets from a “market perform” rating to an “outperform” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $40.00 price target on the stock. FBR Capital Markets’ price objective would indicate a potential upside of 30.25% from the company’s current price.
Canadian Solar (NASDAQ:CSIQ) traded down 0.52% on Monday, hitting $30.55. The stock had a trading volume of 2,549,515 shares. Canadian Solar has a one year low of $10.55 and a one year high of $44.50. The stock’s 50-day moving average is $26.27 and its 200-day moving average is $31.95. The company has a market cap of $1.608 billion and a price-to-earnings ratio of 41.06.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Friday, May 16th. The company reported $0.07 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted ($0.10) earnings per share. Canadian Solar’s revenue was up 76.9% compared to the same quarter last year. Analysts expect that Canadian Solar will post $3.35 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Canaccord Genuity initiated coverage on shares of Canadian Solar in a research note on Wednesday, July 2nd. They set a “buy” rating and a $43.00 price target on the stock. Separately, analysts at Zacks downgraded shares of Canadian Solar from an “outperform” rating to a “neutral” rating in a research note on Wednesday, June 25th. They now have a $29.00 price target on the stock. Finally, analysts at TheStreet downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Tuesday, May 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $41.56.
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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