Roth Capital Cuts PT on Canadian Solar (CSIQ) to $11 Following Q3 Results, Outlook
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Roth Capital cuts its price target on Neutral-rated Canadian Solar (Nasdaq: CSIQ) from $20 down to $11 following Q3 results and weak guidance on Monday morning.
The firm commented,
In our module vendor coverage universe, CSIQ was our last stock with a Buy rating. We had maintained the rating given the potential earnings power from future asset sales. While we continue to see the potential for this through early 2017, we believe the core module business remains challenged given the ongoing oversupply condition. Companies based in China and India continue to bring online capacity. On the demand side of the equation, module vendors cite China and India as sources of strength in 2017, though these regions represent low ASP markets. Additionally, project sales are inherently lumpy, and once the benefit of the existing 1GW of project assets has been realized, there could be an air pocket of earnings support. We are downgrading in part to reset expectations lower. In order for the stock to start working again, investors, in our view, need to see renewed prospects of growth, greater earnings power, or ideally both. As a result, we are stepping to the sidelines until the macro and profitability outlook improve.
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