Canadian Solar just announced that it has completed a solar farm in the town of Narni, located in the Umbria region of Italy.
The 1MW solar farm is constructed of f 4,000 Canadian Solar CS6P 230-Watt modules, installed without reinforced cement to minimize the damage to the landscape.
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In a press release, Marco Di Pietro, Country Manager with Canadian Solar for Italy, commented on the … Read the rest
Over a month ago, Macquarie slashed its rating on Canadian Solar (CSIQ) and said it had lost credibility in management due to another EPS revision lower due to currency exchange losses. Today, that credibility takes another hit along with the price of its stock. The company announced after the bell today that it has been issued a subpoena by the SEC related to sales transactions last year. As a result, they’re delaying their earnings results … Read the rest
A little more than a month ago, Auriga initiated coverage on solar stocks and was generally bullish outside of its Sunpower (SPWRA) Sell rating. This morning, the firm is slashing price targets of some China solar companies, but is bullish in First Solar (FSLR). I don’t really understand the cutting of price estimates right now which are due to Euro exposure. The Euro has been deteriorating for some time now. Granted, Euro weakness has accelerated … Read the rest
No doubt today’s action was ugly if you were on the long side of the trade and taking a look at the Up & Down Movers at the left tells the story. That’s a might lengthy list of green stocks down with heavy volume today, but there were bright spots provided in some solar stocks.
Despite a day when the overall market was down 4% with heavy volume, eight solar stocks finished in the green … Read the rest
Last night I posted the Well Fargo analyst notes on STP, TSL & SOL as the firm initiated coverage of the sector. This morning I have a few more notes for SOLF, YGE & CSIQ courtesy of Street Insider.
Wells Fargo initiates coverage of Solarfun (SOLF) with an Outperform and valuation range of $10-$12.50. They believe that SOLF has been unappreciated in the past and that with a new management team and improving cost … Read the rest
Auriga is out upgrading Canadian Solar (CSIQ) this morning to Buy from Hold, but lowered the price target from $25 to $21. The firm believes that CSIQ’s pre-announcement in which it announced a Forex hit as well as lower margins, has been priced in for the most part ahead of earnings (no official date announced yet).
Says the firm: “The gross margin decline was worse than expected, and when combined with the charge to Other … Read the rest
I mentioned the Oppenheimer upgrade of Suntech Power (STP) this morning on Green Stocks @Twitter, but the firm has rating and price target updates on other solar stocks as well. Hat tip to Street Insider for the heads up.
Bullish on Yingli Green Energy (YGE) and gets upgrade from Outperform to Perform and $17 price target (about 30% higher). Want more YGE analysis?
Downgrades Canadian Solar (CSIQ) from Outperform to Perform and lowered and … Read the rest
Macquerie is clearly frustrated with Canadian Solar (CSIQ) and has cut its rating from Outperform to Neutral following the company’s guidance last night in which they indicated a forex hit and a bit of a margin contraction. Maquerie says this 2nd negative revision in two quarters has “weakened its standing with investors” and “two strikes is enough.” They have slashed their 1Q EPS estimate from .53 to .03 and the price target from $35 to … Read the rest
Canadian Solar (CSIQ) is out tightening the shipment guidance after the bell today from the previously expected 180 – 190MW range to 189 – 191MW, but is expecting an $18 – 20 million forex hit in the quarter due to the depreciation of the Euro against the US dollar. They expect gross margins at around 13%. CEO Shawn Qu expects a strong quarter this quarter as well and indicated the company will better hedge against … Read the rest
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 … Read the rest