Shen commented: “Sentiment among solar stocks is currently negative, and we believe the Q3 misstep could challenge the stock in the near-term”. The 12-month mean target is $45.24, which means upside potential of 83.23% over the current price. He told analysts on the company’s second quarter conference call late Tuesday that the firm made this decision because the market has “recently experienced volatility around yieldco valuations”. Canaccord Genuity restated a “buy” rating and set a $45.00 target price on shares of Canadian Solar in a research note on Tuesday, May 19th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $39.00 price objective on shares of Canadian Solar in a report on Monday.
Advertisement
In reaction, Roth Capital analyst Philip Shen reduced the price target to $40 (from $46), while reiterating a Buy rating on CSIQ stock. 2 analysts have rated the shares as a strong buy. The company presently has a consensus rating of “Buy” and a consensus target price of $41.23.
NASDAQ:CSIQ is right now trading 1.90% higher at $24.69 as of 07:35 New York time. The firm has a market capitalization of $1.36 billion and a P/E ratio of 4.94.
NYSE:TSL has a 50 day moving average of 11.02 USD and a 200 Day Moving Average share price is recorded at 11.02 USD. On September 8, 2014 The shares registered one year high of $41.12 and one year low was seen on January 22, 2015 at $18.68.
Canadian Solar did report earnings of 31 cents a share for the second quarter, above analysts’ estimates of 13 cents a share for the quarter.
Net revenue was also down on the first quarter, coming in at $636.7 million, down 26% compared to Q1’15’s $860.9 million, but still up on the company’s Q2 guidance of between $570 million and $620 million.
Gross profit for the second quarter of 2015 was US$96.5 million, compared to US$153.0 million in the first quarter of 2015 and US$118.2 million in the second quarter of 2014. “As such we have alternative plans in place to a yieldco, if needed, to monetize our utility-scale solar power plant assets”. It’s two segments: energy segment and module section. The energy segment of the Company’s demands electricity sales generation, engineering, procurement and construction services, operations and maintenance services, and solar power project development. Its products incorporate a range of solar modules to be used in residential, commercial and industrial solar power generation systems. Its specialty solar products include solar modules that the customers complete forte goods, for example mobile solar house systems and integrate into their very own products.
Advertisement
Canadian Solar does most of its manufacturing in China, but it also makes panels in plants in Guelph and London, Ont. It has built dozens of projects in Canada, and hundreds more in about 70 countries.
