Canadian Solar (CSIQ) Lifted to “Neutral” at UBS Group

UBS Group upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a sell rating to a neutral rating in a report released on Monday, 247wallst.com reports. The firm currently has $23.00 price target on the solar energy provider’s stock.

Several other equities research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Canadian Solar from a hold rating to a strong sell rating in a research note on Tuesday, October 16th. BidaskClub raised shares of Canadian Solar from a hold rating to a buy rating in a research note on Wednesday, October 17th. ValuEngine upgraded shares of Canadian Solar from a sell rating to a hold rating in a research report on Thursday, October 18th. JPMorgan Chase & Co. downgraded shares of Canadian Solar from a neutral rating to an underweight rating and set a $15.00 target price on the stock. in a report on Monday, October 22nd. They noted that the move was a valuation call. Finally, Goldman Sachs Group set a $14.00 price target on shares of Canadian Solar and gave the company a hold rating in a report on Friday, November 16th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $18.33.

Shares of CSIQ opened at $21.11 on Monday. The stock has a market cap of $1.19 billion, a PE ratio of 20.30, a price-to-earnings-growth ratio of 0.26 and a beta of 2.44. Canadian Solar has a fifty-two week low of $11.37 and a fifty-two week high of $22.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.83.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, November 15th. The solar energy provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.46 by $0.50. The business had revenue of $767.97 million for the quarter, compared to analyst estimates of $806.13 million. Canadian Solar had a net margin of 4.73% and a return on equity of 15.89%. On average, sell-side analysts anticipate that Canadian Solar will post 2.83 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. raised its stake in Canadian Solar by 8.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 78,173 shares of the solar energy provider’s stock valued at $957,000 after purchasing an additional 5,890 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Canadian Solar by 16.6% during the 2nd quarter. Bank of America Corp DE now owns 831,106 shares of the solar energy provider’s stock valued at $10,173,000 after buying an additional 118,621 shares in the last quarter. California Public Employees Retirement System increased its stake in Canadian Solar by 352.1% in the 2nd quarter. California Public Employees Retirement System now owns 292,403 shares of the solar energy provider’s stock worth $3,579,000 after purchasing an additional 227,722 shares during the period. Northern Trust Corp grew its position in shares of Canadian Solar by 176.7% in the 2nd quarter. Northern Trust Corp now owns 92,820 shares of the solar energy provider’s stock worth $1,136,000 after buying an additional 59,271 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Canadian Solar in the 3rd quarter worth approximately $7,150,000. 37.64% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

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Analyst Recommendations for Canadian Solar (NASDAQ:CSIQ)

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