Canadian Solar (NASDAQ:CSIQ) Price Target Lowered to $15.00 at Mizuho

Key Points

• Mizuho lowered its price target to $15.00 from $19.00 and kept a "neutral" rating, which implies about a 16.3% upside from the stock's current level.
• Analyst sentiment is mixed—three Buys, five Holds and four Sells—with a consensus rating of "Reduce" and an average price target of $17.66.
• Recent fundamentals are weak: Canadian Solar missed quarterly EPS (‑$1.66 vs. ‑$1.10 est.), reported revenue of $1.22B (vs. $1.37B est., down 20% year‑over‑year), and shows negative margins and a market cap of about $863M.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) had its price target dropped by analysts at Mizuho from $19.00 to $15.00 in a report released on Monday,Benzinga reports. The firm currently has a "neutral" rating on the solar energy provider's stock. Mizuho's price target would suggest a potential upside of 16.34% from the stock's current price.

A number of other research firms have also recently issued reports on CSIQ. Weiss Ratings reiterated a "sell (d+)" rating on shares of Canadian Solar in a research note on Monday, December 29th. Oppenheimer reduced their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday. Daiwa Securities Group raised shares of Canadian Solar from a "neutral" rating to an "outperform" rating and set a $30.00 target price on the stock in a research report on Tuesday, December 2nd. Finally, Roth Mkm cut their target price on Canadian Solar from $30.00 to $15.00 and set a "neutral" rating on the stock in a report on Monday. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $17.66.

Canadian Solar Stock Down 9.6%

CSIQ stock traded down $1.37 during mid-day trading on Monday, hitting $12.89. The stock had a trading volume of 3,148,432 shares, compared to its average volume of 3,038,210. Canadian Solar has a 1-year low of $6.57 and a 1-year high of $34.59. The company has a fifty day moving average of $19.45 and a 200 day moving average of $19.74. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $863.44 million, a price-to-earnings ratio of -5.16 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.56). Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm earned $0.48 earnings per share. The firm's quarterly revenue was down 20.0% compared to the same quarter last year. On average, equities analysts expect that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CSIQ. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider's stock valued at $63,000 after acquiring an additional 312 shares in the last quarter. Clear Harbor Asset Management LLC raised its position in Canadian Solar by 4.7% in the third quarter. Clear Harbor Asset Management LLC now owns 18,075 shares of the solar energy provider's stock worth $236,000 after purchasing an additional 805 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in Canadian Solar in the fourth quarter worth about $48,000. LPL Financial LLC lifted its stake in Canadian Solar by 16.7% during the fourth quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider's stock worth $369,000 after purchasing an additional 2,219 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in Canadian Solar by 38.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider's stock valued at $89,000 after purchasing an additional 2,254 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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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