Canadian Solar (CSIQ) Upgraded to Buy

According to, Deutsche Bank upgraded Canadian Solar (CSIQ) from HOLD to BUY with a $45 price target due to valuation after the recent sell off. 

“We are upgrading CSIQ to Buy (from Hold) following a substantial retracement in the stock, an improved operational outlook (i.e. GM reset to mid-teens, traction in UMG-Si based e-modules, no data to de-rail the UMG-Si argument over the near-term, capital raise and capacity expansion through 2010), and a defensible valuation in light of a what we believe could be a difficult fundamental environment beginning later in 2009.”

CSIQ is currently holding around support of its 200 day moving average.

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