Two green stock upgrades this morning in CSIQ and ITRI..

Collins Stewart is upgrading Canadian Solar (CSIQ) to Buy and setting the price target at $21.

Hat tip to Street Insider for the following analyst notes.

The firm still sees Q3 traditional module shipments of 90MW, but lowered its quarterly estimate for eModules from 15MW to 10MW. Collins Stewart also lowered its Q3 average selling price estimate from $2.15 per watt to $2.08. The firm also lowered its Q3 sales and EPS guidance from $224.7 million and $0.62 to $205.4 million and $0.56, respectively. The Street is currently looking for quarterly earnings of $0.53 on sales of $204.86 million.

CY09 EPS move from $1.51 to $1.41, while CY10 earnings reduce from $1.70 to $1.60.  Hmm.. sounds like a downgrade to me, but the stock is up about 5% today and breaking out of a base on this upgrade.

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Itron (ITRI) also gets a Buy rating this morning, sending the stock up yet again.   It’s been a great run for ITRI, but it’s getting overbought and running into some resistance around the 2009 highs.  Jefferies initiated coverage of the company this morning with a Buy rating and a price target of $77.