A few more analyst calls this morning. Collins Stewart has downgraded shares of Canadian Solar (CSIQ) from Buy to Hold and has a $20 – 24 price target on it. They believe that while strong demand has led to a firming of module prices, but it’s so strong that its pulling up the prices of cells and wafers which may weigh on CSIQ margins. Shares of CSIQ are trading down 5% today and appear headed to the $20 level which is very important level of support at the 200 day moving average.
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Hapoalim Securities has downgraded MEMC Electronic Materials (WFR) from Hold to Sell and has a $13 price target. Shares of WFR are down about 5% today as well and pulling back to what is now support around the 15.50 level. If it can’t hold there, it may need to test the 200 day moving average around $15 which is where I may look to add a longer term position.
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On the bullish side of the coin RBC Capital is maintaining its Outperform rating on Itron (ITRI) and has raised the price target from $68 to $85 ahead of earnings on April 28th. ITRI is trading down fractionally today.