Oppenheimer Keeps a Buy Rating on Canadian Solar Inc

Oppenheimer analyst Colin Rusch maintained a Buy rating on Canadian Solar Inc (NASDAQ: CSIQ) today and set a price target of $19. The company’s shares opened today at $16.51.

Rusch said:

“CSIQ continues to navigate the choppy waters of solar end markets effectively with its balanced approach across the supply chain. Additionally, the company remains at the forefront of new product offerings. In particular, we are very bullish on the bifacial products the company is ramping as we expect the leverage on balance of system expenses will become increasingly relevant and attractive to project developers. While still a small percentage of total shipments (6-7% in 2Q18), we expect this offering to see significant growth in 2019 as the technology is designed into a wider range of installations. We are encouraged to see CSIQ moving its project pipeline forward and working to delever its balance sheet. We remain constructive on the shares.”

According to TipRanks.com, Rusch is a 5-star analyst with an average return of 15.5% and a 52.8% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Fuelcell Energy, and Westport Innov.

Canadian Solar Inc has an analyst consensus of Hold, with a price target consensus of $17.25.

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Based on Canadian Solar Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $61.4 million. In comparison, last year the company had a GAAP net loss of $13.34 million.

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Canadian Solar, Inc. engages in the design, development, and sale of solar photovoltaic modules. It offers solar ingots, wafers, cells, modules, and other solar power products. It operates through the Module and Energy segments. The Module segment designs, develops, manufactures, and sells solar power products and solar system kits.

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