Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $17.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo cut its price target on Canadian Solar from $23.00 to $17.00 and kept an "equal weight" rating, noting the new target implies about a 36% upside from the current share price.
• Analyst sentiment is mixed with several recent downgrades and target cuts; the consensus across analysts is an average rating of "Hold" and an average target price of $18.36.
• Shares recently traded at $12.50 (market cap ≈ $836.9M); the company reported (‑$1.66) EPS for the quarter, has negative margins, and sell-side estimates forecast about -0.23 EPS for the year.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) had its price objective lowered by analysts at Wells Fargo & Company from $23.00 to $17.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the solar energy provider's stock. Wells Fargo & Company's target price points to a potential upside of 36.04% from the stock's current price.

A number of other brokerages have also recently commented on CSIQ. Oppenheimer decreased their target price on Canadian Solar from $38.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, March 20th. Roth Mkm decreased their target price on shares of Canadian Solar from $30.00 to $15.00 and set a "neutral" rating on the stock in a research note on Monday, March 23rd. Weiss Ratings restated a "sell (d+)" rating on shares of Canadian Solar in a research note on Friday, March 27th. Wall Street Zen cut shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Freedom Capital upgraded shares of Canadian Solar from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 24th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Canadian Solar currently has an average rating of "Hold" and an average target price of $18.36.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ traded up $0.39 during trading on Wednesday, hitting $12.50. The company's stock had a trading volume of 2,524,565 shares, compared to its average volume of 2,896,820. The company has a 50-day moving average of $17.50 and a 200-day moving average of $19.91. Canadian Solar has a 12 month low of $6.57 and a 12 month high of $34.59. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83. The firm has a market cap of $836.88 million, a price-to-earnings ratio of -4.99 and a beta of 1.37.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) EPS for the quarter. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%.The company had revenue of $1.22 billion during the quarter. On average, sell-side analysts expect that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd raised its position in shares of Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider's stock valued at $42,000 after buying an additional 2,463 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Canadian Solar during the fourth quarter valued at approximately $48,000. Quarry LP bought a new stake in shares of Canadian Solar during the fourth quarter valued at approximately $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Canadian Solar by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider's stock worth $63,000 after purchasing an additional 312 shares during the last quarter. Institutional investors own 52.36% of the company's stock.

Canadian Solar Company Profile

Canadian Solar Inc NASDAQ: CSIQ is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world's largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.

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